Two accountants, Yuan Tsui and Sergio Aragon, are arguing about the merits of presenting an income statement in the multiple-step versus the single-step format. The discussion involves the following 2020 information for P. Bride Company (in thousands):

• Administrative expenses
• Selling expenses
• Officers' salaries$4,000
• Delivery$2,250
• Depreciation of office furniture and equipment
• 3,060
• Sales commissions67,560
• Cost of goods sold59,420
• Depreciation of sales equipment6,260
• Rental revenue
• 15,020
• Sales revenue
• 308,400
• Interest expense1,470

Common shares outstanding for 2020 total 30,000 (in thousands). Income tax for the year was $17,940.

URCES h 1 P. Bride Company Income Statement For the Year Ended December 31, 2020 v (In thousands, except earnings per share) Sales Revenue X Cost of Goods Sold X Gross Profit / (Loss) Operating Expenses Selling Expenses Sales Commission Expense Depreciation Expense X delivery Administrative Expenses Salaries and Wages Expen EX X Depreciation Expense X X Income from Operationsdelivery Administrative Expenses Salaries and Wages Expen Depreciation Expense Income from Operations Other Revenues and Gains X rent Other Expenses and Losses v V Interest Expense Income before Income Tax Income Tax Expense Net Income / (Loss) Earnings Per Share