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 Ivanhoe Company ($000 omitted).

Administrative expense
Officers' salaries		$5,420
Depreciation of office furniture and equipment		4,480
Cost of goods sold		61,090
Rent revenue		17,750
Selling expense
Delivery expense		3,210
Sales commissions		8,500
Depreciation of sales equipment		7,000
Sales revenue		97,020
Income tax		9,590
Interest expense		2,380

Common shares outstanding for 2017 total 40,550 (000 omitted).