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v v v vTwo 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 2020 information related to Nash Company ($000 omitted). Administrative expense Officers' salaries $5,207 Depreciation of office furniture and equipment 4,267 Cost of goods sold 60,877 Rent revenue 17,537 Selling expense Delivery expense 2,997 Sales commissions 8,287 Depreciation of sales equipment 6,787 Sales revenue 96,807 Income tax 9,377 Interest expense 2,167 Common shares outstanding for 2020 total 28,756 (000 omitted)