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 2014 information related to P. Bride Company ($000 omitted).

Administrative expenses
Officers' salaries				$4,900
Depreciation of office furniture and equipment				3,960
Cost of goods sold				60,570
Rent revenue				17,230
Selling expenses
Transportation-out				2,690
Sales commissions				7,980
Depreciation of sales equipment				6,480
Sales				96,500
Income tax				9,070
Interest expense				1,860 Instructions: