Stober's Lawn Sprinkler Company sells irrigation equipment. Below is information necessary to prepare Stober's income statement for the year ending December 31, 20X7. Stobler attributes 60% of the rent and utilities to selling functions, and the remainder to general and administrative activities. 70% of the salaries are devoted to sales. Prepare an income statement in both the single-step and multiple-step formats.

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Advertising expense $33,998 Cost of goods sold 466,773 Rent expense 144,000 Salaries expense 166,321 Net sales 972,299 Income tax expense 30,000 Utilities expense 26,997 Interest expense 18,500