In the income statement for the year ended December 31, 2008, Pele Company reported the following condensed data.

Administrative expenses $435,000 Selling Expense 490,000
Cost of goods sold 1289,000 Loss on sale of Equipment 10,000
Interest Expense 70,000 Net Sale 2,312,000
Interest Revenue 28,000

(a) prepare a multiple-step income statement
(b) prepare a single-step income statement.