Cash ZON. 434,500 Cost of goods sold Depreciation expense 25,150 709A50 Equipment 131,140 Income tax expense 133,570 Income tax payable 65,500 45,450 Inventory 123,450 Land 650,500 Other operating expenses 196,400 500,000 Common shares 78,350 Prepaid expenses 388975 Retained earnings 146,500 1.060.410 Salaries & benefits expenses 67,800 Sales 55.000 Sales returns and allowances $2814769 $2.814.760 Unearned revenues Total B inl information: Prepaid expenses ard gel User Login es bastub - Ergoya Retained earnings Salaries & benefits expenses 78,350 Sales 388,975 146,500 Sales returns and allowances 1,060410 Unearned revenues 67,800 Total 55,000 $2,814,760 $2,814,760 Additional information: The company uses a perpetual inventory system. All adjusting entries have been made except the retained earnings closing entry. Prepare a multi-step income statement in good form for the year ended December 31, 2020 B. I 1 A