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 Marigold Company ($000 omitted). $5,150 Administrative expense Officers' salaries Depreciation of office furniture and equipment Cost of goods sold 4,210 60,820 Rent revenue 17,480 Selling expense Delivery expense Sales commissions Depreciation of sales equipment Sales revenue 2,940 8,230 6,730 96,750 9,320 2,110 Income tax Interest expense Common shares outstanding for 2020 total 36,800 (000 omitted). (a) Your answer is partially correct. (a) Your answer is partially correct. 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.) MARIGOLD COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share) Sales Revenue Cost of Goods Sold Gross Profit/(Loss) Operating Expenses Selling Expenses Delivery Expense 2.940 Sales Commission 8230 i Sales Commission 8230 i Depreciation Expense 6,730 i Total Selling Expenses $ 17900 Administrative Expenses Salaries and Wages Expense 5.150 i Depreciation Expense 4,210 i Total Administrative Expenses 9360 Income From Operations Other Revenues and Gains Rent Revenue Other Expenses and Losses Rent Revenue Other Expenses and Losses Income Tax Cynanca Other Expenses and Losses Rent Revenue Other Expenses and Losses Income Tax Expense Net Income /(Loss) Earnings Per Share $ 5,150 i 4,210 9360 i 8670 17,480 2,110 15370 24040 9,320 14720 $ 36,800 $ 0.40