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 Teal 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 2017 total 40,550 (000 omitted). Partially correct answer. Your answer is partially correct. Try again. 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.) TEAL COMPANY Income Statement Entry field with correct answer December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017 (In thousands, except earnings per share) Entry field with correct answer $ Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesSelling ExpensesAdministrative ExpensesTotal Selling ExpensesTotal Administrative ExpensesOther Revenues and GainsOther Expenses and Losses Entry field with correct answer Entry field with correct answer ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesSelling ExpensesTotal Selling ExpensesAdministrative ExpensesTotal Administrative ExpensesOther Revenues and GainsOther Expenses and Losses Entry field with correct answer ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesSelling ExpensesTotal Selling ExpensesTotal Administrative ExpensesOther Revenues and GainsOther Expenses and LossesEarnings Per Share Entry field with correct answer $ Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with incorrect answer now contains modified data Entry field with incorrect answer now contains modified data Entry field with correct answer ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesSelling ExpensesTotal Selling ExpensesTotal Administrative ExpensesOther Revenues and GainsOther Expenses and LossesEarnings Per Share $ Entry field with incorrect answer now contains modified data Entry field with correct answer ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesTotal Selling ExpensesAdministrative ExpensesTotal Administrative ExpensesOther Revenues and GainsOther Expenses and LossesEarnings Per Share Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesTotal Selling ExpensesAdministrative ExpensesTotal Administrative ExpensesOther Revenues and GainsOther Expenses and LossesEarnings Per Share Entry field with correct answer Entry field with incorrect answer now contains modified data Entry field with incorrect answer now contains modified data ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesSelling ExpensesAdministrative ExpensesTotal Selling ExpensesTotal Administrative ExpensesOther Revenues and GainsOther Expenses and Losses Entry field with incorrect answer Entry field with incorrect answer now contains modified data ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesTotal Selling ExpensesAdministrative ExpensesTotal Administrative ExpensesOther Revenues and GainsEarnings Per ShareSelling Expenses Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with correct answer ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesSelling ExpensesAdministrative ExpensesTotal Selling ExpensesTotal Administrative ExpensesOther Expenses and LossesEarnings Per Share Entry field with correct answer Entry field with correct answer Entry field with correct answer ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesSelling ExpensesAdministrative ExpensesTotal Selling ExpensesTotal Administrative ExpensesOther Revenues and GainsOther Expenses and Losses Entry field with incorrect answer Entry field with correct answer Entry field with incorrect answer Entry field with correct answer ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesSelling ExpensesAdministrative ExpensesTotal Selling ExpensesTotal Administrative ExpensesOther Revenues and GainsOther Expenses and Losses $ Entry field with incorrect answer Entry field with correct answer Gross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesSelling ExpensesAdministrative ExpensesTotal Selling ExpensesTotal Administrative ExpensesOther Revenues and GainsOther Expenses and LossesEarnings Per Share $ Entry field with incorrect answer Show List of Accounts Link to Text Link to Text Partially correct answer. Your answer is partially correct. Try again. Prepare an income statement for the year 2017 using the single-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.) TEAL COMPANY Income Statement Entry field with correct answer December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017 (In thousands, except earnings per share) Entry field with correct answer DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues Entry field with correct answer $ Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Dividends Earnings Per Share Expenses Gross Profit / (Loss) Income Before Income Tax Income From Operations Net Income / (Loss) Operating Expenses Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues Entry field with correct answer Entry field with correct answer DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Dividends Earnings Per Share Expenses Gross Profit / (Loss) Income Before Income Tax Income From Operations Net Income / (Loss) Operating Expenses Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues Entry field with incorrect answer Entry field with correct answer DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues Entry field with incorrect answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Dividends Earnings Per Share Expenses Gross Profit / (Loss) Income Before Income Tax Income From Operations Net Income / (Loss) Operating Expenses Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues $ Entry field with incorrect answer Entry field with correct answer DividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues $ Entry field with incorrect answer