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 Cheyenne Company ($000 omitted).
| Administrative expense |
| Officers' salaries |
$4,981 |
| Depreciation of office furniture and equipment |
4,041 |
| Cost of goods sold |
60,651 |
| Rent revenue |
17,311 |
| Selling expense |
| Delivery expense |
2,771 |
| Sales commissions |
8,061 |
| Depreciation of sales equipment |
6,561 |
| Sales revenue |
96,581 |
| Income tax |
9,151 |
| Interest expense |
1,941 |
Common shares outstanding for 2017 total 40,550 (000 omitted). Warning
(a) 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.)