5. Income Statement, Single-Step and Multi-Step Formats (30 points) Prepare an income statement for Webster Company in single step and multi-step format. (use the blanks on the following page) The following information is available for the company: Officer Staff Salaries $4,900 Depreciation of office furniture 3,960 Cost of goods sold 63,570 Rent revenue (not main operation) 17,230 Freight out on items sold 2,690 Sales commissions 7,980 Depreciation of sales equipment 6,480 Sales revenue 96,500 Interest expense 1,860 40,550 Common shares outstanding in 2012 Income Tax Expense 7,580 Single-Step Form WEBSTER COMPANY Income Statement For the Year Ended December 31, 2012 (in thousands, except earnings per share) Revenues Sales Pirinud Total Expenses Selling Administrative Total Net income ++++++