xercise 4-5 wo 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 nvolves the following 2017 information related to Sunland Company($000 omitted) Administrative expense Officers' salaries Depreciation of office furniture and equipment Cost of goods sold Rent revenue Selling expense $5,552 4,612 61,222 17,882 Delivery expense 3,342 8,632 7,132 97,152 9,722 2,512 Sales commissions Depreciation of sales equipment Sales revenue Income tax Interest expense ommon shares outstanding for 2017 total 40,550 (000 omitted) repare an income statement for the year 2017 using the multiple-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.) SUNLAND COMPANY