1- Prepare an income statement for the year 2014 using the multiple-step form.

2- Prepare an income statement for the year 2014 using the single-step form.

Exercise 4-5 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 2014 information related to P. Bride Company ($000 omitted) Administrative expense $5,452 4,512 61,122 17,782 Officers' salaries Depreciation of office furniture and equipment Cost of goods sold Rent revenue Selling expense 3,242 8,532 7,032 97,052 9,622 2,412 Delivery expense Sales commissions Depreciation of sales equipment Sales revenue Income tax Interest expense Common shares outstanding for 2014 total 40,410 (000 omitted) Prepare an income statement for the year 2014 using the multiple-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.) P. BRIDE COMPANY Income Statement For the Year Ended December 31, 2014 (In thousands, except earnings per share)