In its income statement for the year ended December 31, 2019, Lemere Company reported the following condensed data.

Operating expenses..................$ 725,000..................Interest revenue..............$ 28,000

Cost of goods sold...................1,289,000 Loss on disposal of plant assets...............17,000

Interest expense...........................70,000...........................Net sales...........2,200,000

Other comprehensive income............8,300

Instructions

(a) Prepare a multiple-step income statement.

(b) Prepare a single-step income statement.