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Two accountants for the firm of Allen 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 2010
information related to Webster Company.
Administrative expense
Officers’ salaries $4,900
Depreciation of equipment 3,960
Cost of Goods Sold 63,570
Rental revenue 17,230
Selling Expense
Transportation-out 2,690
Sales commission 7,980
Depreciation of equipment 6,480
Sales 96,500
Income tax 7,580
Interest expense 1,860
Prepare a single-step income statement for the year ended December 31, 2010
