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F 1 E E4-5 (LO2.3) 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). 8 000 van WN Jouw 3 4 Administrative expense 5 Officers' salaries s 4,900 6 Depreciation of office fumiture and equipment 3,960 Cost of goods sold 60,570 Rent revenue 17,230 9 Selling expense 10 Delivery expense 2,690 11 Sales commissions 7,980 12 Depreciation of sales equipment 6,480 13 Sales revenue 96,500 14 Income tax 9,070 15 Interest expense 1,860 16 17 Instructions (a) Prepare an income statement for the year 2017 using the multiple-step form. Common shares 18 outstanding for 2017 total 40,550 (000 omitted). 19 20 P. BRIDE COMPANY 21 Income Statement 22 For the Year Ended December 31, 2017 23 (In thousands, except eamings per share) 24 25 26 27 28 Operating Expenses 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Other Revenues and Gains 3 Other Expenses and Losses (b) Prepare an income statement for the year 2017 using the single-step form. P. BRIDE COMPANY Income Statement For the Year Ended December 31, 2017 (In thousands, except camings per share) Revenues Expenses (c) Which one do you prefer? Discuss