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 Whispering Company ($000 omitted).

Administrative expense
Officers' salaries		$5,076
Depreciation of office furniture and equipment		4,136
Cost of goods sold		60,746
Rent revenue		17,406
Selling expense
Delivery expense		2,866
Sales commissions		8,156
Depreciation of sales equipment		6,656
Sales revenue		96,676
Income tax		9,246
Interest expense		2,036

Common shares outstanding for 2020 total 37,910 (000 omitted).

Part 1 Prepare an income statement for the year 2020 using the multiple-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.) WHISPERING COMPANY Income Statement (In thousands, except earnings per share) $ $ $ A Part 2 Prepare an income statement for the year 2020 using the single-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.) WHISPERING COMPANY Income Statement (In thousands, except earnings per share) $