Question: prepare an income statement for the year 2025 using the single-step form. Two accountants for the firm of Elwes and Wright are arguing about the

prepare an income statement for the year 2025 using the single-step form.

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 2025 information related to Blue Company (\$000 omitted)

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