9. Porter Corporation's capital structure consists of 50,000 shares of common stock issued and outstanding. At December 31, 2020, Porter reported the following information: Sales revenue $1,200,000 Sales discounts 28,000 Cost of goods sold 701,000 Loss on sale of asset 35,000 Selling expenses 100,000 Cash 60,000 Accounts receivable 90,000 Common stock 200,000 Accumulated depreciation-machinery 180,000 Interest revenue 8,000 Inventory 125,000 Unearned service revenue 4,400 Interest payable 1,000 Land 570,000 Retained earnings 290,000 Interest expense 17,000 Administrative expenses 170,000 Dividends declared 24,000 Allowance for doubtful accounts 5,000 Notes payable (maturity 7/1/27) 200,000 Machinery 450,000 Supplies 40,000 Paid-in capital 304,200 Accounts payable 60,000 The amount of income taxes was $42,600 Prepare the following financial statements, in proper form, for the year ended December 31, 2020: a. b. Income Statement (10 points) Statement of Retained Earnings (5 points) Balance Sheet (10 points) c. 2