The following information is available for Wright Auto Supply at December 31, 2009.

Cost of goods sold ................$277,000

Depreciation expense on building .......... 29,000

Income taxes expense (30% of income before taxes) .. 37,260

Interest expense ................. 2,700

Rent expense on equipment ............. 18,000

Salaries, administrative .............. 32,000

Sales revenue .................. 571,900

Wages expense, salespeople ............ 89,000

Required:

1. Prepare a single-step income statement for the year ended December 31, 2009.

2. Prepare a multiple-step income statement for the year ended December 31, 2009.

3. Comment on the differences between the single-step and the multiple-step income statements.