Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2020 information related to Nash Company ($000 omitted).

Administrative expense
Officers' salaries		$ 5,207
Depreciation of office furniture and equipment		4,267
Cost of goods sold		60,877
Rent revenue		17,537
Selling expense
Delivery expense		2,997
Sales commissions		8,287
Depreciation of sales equipment		6,787
Sales revenue		96,807
Income tax		9,377
Interest expense		2,167

Common shares outstanding for 2020 total 28,756 (000 omitted).

Prepare an income statement