A single-step income statement follows. Present the information in a multistep income statement and indicate what insights can be obtained from the multistep form as opposed to the single-stepform.

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Pasica, Inc. Income Statement For the Year Ended December 31, 2011 Revenues Net sales Interest income Total revenues 1,197,132 5,720 1,202,852 Costs and expenses Cost of goods sold Selling expenses General and administrative expenses Interest expense Total costs and expenses $777,080 203,740 100,688 13,560 Income before income taxes Income taxes Net income Earnings per share 1,095,068 107,784 24,000 $83,784 $ 838