Prepare an income statement for the year 2020 using the multiple-step form. Round earnings per share to 2 decimal places.

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 2020 information related to Whispering Company ($000 omitted). $5.076 4,136 60.746 17.406 Administrative expense Officers' salaries Depreciation of office furniture and equipment Cost of goods sold Rent revenue Selling expense Delivery expense Sales commissions Depreciation of sales equipment Sales revenue Income tax 2.866 8.156 6,656 96,676 9,246 Interest expense 2,036 Common shares outstanding for 2020 total 37,910 (000 omitted). WHISPERING COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share) $ $ Expenses Gross Profit/(Loss) Income Before Income Tax Income From Operations Net Income /(Loss) Operating Expenses Revenues Total Expenses Total Revenues Selling Expenses Administrative Expenses Total Selling Expenses Total Administrative Expenses Other Revenues and Gains Other Expenses and Losses