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3. (20 points) Colgate-Palmolive Company has many well-known products, including Colgate toothpaste, Speed Stick deodorants, Softsoap, and Irish Spring soaps. The following is a reproduction
3. (20 points) Colgate-Palmolive Company has many well-known products, including Colgate toothpaste, Speed Stick deodorants, Softsoap, and Irish Spring soaps. The following is a reproduction of the terms and amounts in the financial statements contained in the company's annual report for the fiscal year ended December 31, 20XX (in millions): Colgate-Palmolive Company Net sales $15,329.9 Retained earnings at Cash 554.9 beginning of year $10,627.5 Interest expense 95.6 Cost of sales 6,703.5 Income taxes 967.9 Dividends declared 825.2 Accounts payable 1,061.4 Selling, general, and Other expenses 183.4 administrative expenses 5,422.3 (1) Choose the relevant data and prepare the income statement for the fiscal year. The final three lines of the income statement should be labeled earnings before income taxes, income taxes, and net earnings 2 Spring 2022 IE 534 (2) Also, show the change in retained earnings for the fiscal year, and compute the end-of-the- year retained earnings balance
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