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 Flounder Company ($000 omitted).

Administrative expense
Officers' salaries		$5,297
Depreciation of office furniture and equipment		4,357
Cost of goods sold		60,967
Rent revenue		17,627
Selling expense
Delivery expense		3,087
Sales commissions		8,377
Depreciation of sales equipment		6,877
Sales revenue		96,897
Income tax		9,467
Interest expense		2,257

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

(b)

The parts of this question must be completed in order. This part will be available when you complete the part above.

FLOUNDER COMPANY Income Statement or the Year Ended December 31, 2017 (In thousands, except earnings per share) 19689 096 593 ales Revenu ost of Goods Sol ross Profit (Loss) perating Expense elling Expense elivery Expense ales Commissi epreciation Expen:s otal Expenses dministrative Expense alaries and Wages Expense epreciation Expen:s Income From Operations 08 37 87 $18341 29 357 27995 7935 Other Revenues and Gain 17627 ent Revenu 25562 ther Expenses and Losse nterest Expens ncome Before Income Tax ncome Tax Expens et Income (Loss) 25 3305 46 $1383 0.63 arnings Per Shar