A physical a thus, cost of goods sold for 2022 is 8645,000 . Instructions Prcpare an income statement and a retained earnings statement. Assume that the only changes in retained eamings during the current year were from net income and divideat. Thirfy-thousand ondiany shares were outstanding the entire year. P44(LO2,3,4) Crowan (Income Statement Items) Maher AG reported income before income tax daring 2022 of C,90,000. Additional transactions oceurring in 2022 bet not considered in the 67,00,000 are as follows. 1. The company experienced an uninsured flood loss in the amount of 690,000 during the ytar, 2. At the beginning of 20020 , the company parchased a machine for 54,000 (residul value of 69,000 ) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2020,2021 , and 2022 but failed to deduct the residual value in computing the depreciation base. 3. Sale of securities beld as a part of its portfolio resulted in a gain of 47,000 A physical a thus, cost of goods sold for 2022 is 8645,000 . Instructions Prcpare an income statement and a retained earnings statement. Assume that the only changes in retained eamings during the current year were from net income and divideat. Thirfy-thousand ondiany shares were outstanding the entire year. P44(LO2,3,4) Crowan (Income Statement Items) Maher AG reported income before income tax daring 2022 of C,90,000. Additional transactions oceurring in 2022 bet not considered in the 67,00,000 are as follows. 1. The company experienced an uninsured flood loss in the amount of 690,000 during the ytar, 2. At the beginning of 20020 , the company parchased a machine for 54,000 (residul value of 69,000 ) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2020,2021 , and 2022 but failed to deduct the residual value in computing the depreciation base. 3. Sale of securities beld as a part of its portfolio resulted in a gain of 47,000