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 2017 information related to Blue Company ($000 omitted). $5,488 4,548 61,158 17,818 Administrative expense Officers' salaries Depreciation of office furniture and equipment Cost of goods sold Rent revenue Selling expense Delivery expense Sales commissions Depreciation of sales equipment Sales revenue Income tax 3,278 8,568 7,068 97,088 9,658 2,448 Interest expense Common shares outstanding for 2017 total 40,550 (000 omitted). (a) Prepare an income statement for the year 2017 using the multiple-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.) BLUE COMPANY Income Statement For the Year Ended December 31, 2017 For the Year Ended December 31, 2017 (In thousands, except earnings per share) Sales Revenue 97088