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 Crane Company ($000 omitted).

Administrative expense
Officers' salaries		$5,593
Depreciation of office furniture and equipment		4,653
Cost of goods sold		61,263
Rent revenue		17,923
Selling expense
Delivery expense		3,383
Sales commissions		8,673
Depreciation of sales equipment		7,173
Sales revenue		97,193
Income tax		9,763
Interest expense		2,553

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

Prepare an income statement for the year 2017 using the multiple-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.)