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Preparing a Multiple-Step Income Statement and a Retained Earnings Statement The following pretax amounts are taken from the accounts of J&J Inc. at December 31, 2020, its annual year-end ($ thousands). Assume an average 25% tax rate on all items. $170,000 85,000 45,000 15,000 Sales revenue Cost of goods sold Selling and administrative expenses Gain on sale of land held for speculation Prior period adjustment, correction of error from 2019, pretax (a debit) Interest expense Cash dividends declared and paid Retained earnings, December 31, 2019 Common stock, outstanding. 8,000 1,000 2,500 51,500 25,000 shares Required a. Prepare a multiple-step income statement, including intraperiod income tax allocation and EPS disclosure. Do not use negative signs with any of your answers. Enter the answer for earnings per share in dollars and cents, rounded to the nearest penny. J&J Inc. Income Statement For the Year Ended December 31, 2020 Other revenues and gains Other expenses and losses $ Earnings per share b. Determine the December 31, 2020, balance in retained earnings. $ Cost of goods sold Expenses and losses Gain on sale of land Gross profit Income before income taxes Income tax expense Interest expense Net income Operating income Prior period adjustment Revenues and gains Sales revenue Selling and administrative expenses Selling expense Service revenue - Prore