Benny Beaver Corp. reported the following for year 2021:

Using the information shown, prepare a multiple-step income statement and a retained earnings statement for the year ended December 31, 2021.

$ 150,000 66,000 Casualty loss $ 280,000 Write-off of inventory due to obsolescence Cost of goods sold 780,000 Depreciation expense omitted by accident in 2020 Selling expenses 165,000 Net sales Administrative expenses 184,000 Cash dividends declared Dividend revenue 70,000 Retained earnings at December 31, 2020 Interest revenue 12,000 Effective tax rate of 30% on all items Assume that 80,000 shares of common stock are outstanding for the entire year. 1,800,000 54,000 980,000