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 P. Bride Company ($000 omitted).
	Administrative expense
	Officers salaries		$ 4,900
	Depreciation of office furniture and equipment		3,960
	Cost of goods sold		60,570
	Rent revenue		17,230
	Selling expense
	Delivery expense		2,690
	Sales commissions		7,980
	Depreciation of sales equipment		6,480
	Sales revenue		96,500
	Income tax		9,070
	Interest expense		1,860
Instructions
(a)	Prepare an income statement for the year 2020 using the multiple-step form. Common shares outstanding for 2020 total 40,550 (000 omitted).
	P. BRIDE COMPANY
	Income Statement
	For the Year Ended December 31, 2020
	(In thousands, except earnings per share)
	Operating Expenses
	Other Revenues and Gains
	Other Expenses and Losses
(b)	Prepare an income statement for the year 2020 using the single-step form.
	P. BRIDE COMPANY
	Income Statement
	For the Year Ended December 31, 2020
	(In thousands, except earnings per share)
	Revenues
	Expenses
(c)	Which one do you prefer? Discuss.