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 Swifty Company ($000 omitted). Administrative expense Officers' salaries $4,968 Depreciation of office furniture and equipment 4,028 Cost of goods sold 60,638 Rent revenue 17,298 Selling expense Delivery expense 2,758 Sales commissions 8,048 Depreciation of sales equipment 6,548 Sales revenue 96,568 no Depreciation of sales equipment 6,548 Sales revenue 96,568 Income tax 9,138 Interest expense 1,928 Common shares outstanding for 2020 total 39,530 (000 omitted). (a) Prepare an income statement for the year 2020 using the multiple-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.) SWIFTY COMPANY Income Statement For the Year Ended December 31, 2020 SWIFTY COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share) Sales Revenue $ Cost of Goods Sold Gross Profit/(Loss) > Operating Expenses