Create an multiple step income statement following GAAP format and terminology. Assume $23000$ preferred stock shares and $44000$ common stock shares are outstanding for all $20$X$2$ and a $20\%$ income tax rate for both $20$X$1$ and $20$X$2.$ Then using the same information and income statement that you will create to prepare a retained earnings statement assuming the same $20\%$ income tax rate for both $20$X$1$ and $20$X$2.$