E$4-5($L$02,3)$ EXCEL $($Multiple$-$Step and Single$-$Step Statements$)$ 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 $2017$ information related to P$.$ Bride Company $($ $$000$ omitted$).$

Instructions

$($a$)$ Prepare an income statement for the year $2017$ using the multiple$-$step form. Common shares outstanding for $2017$ total

$40,550(000$ omitted$).$

$($b$)$ Prepare an income statement for the year $2017$ using the single$-$step form.

$($c$)$ Which one do you prefer? Discuss.