Cullumber Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2020 an analysis of the accounts and discussions with company officials revealed the following information: Sales revenue Discontinued operations loss (net of tax) Selling expenses Cash Accounts receivable Common stock Cost of goods sold Accumulated depreciation-machinery Dividend revenue Unearned service revenue Interest payable Land Patents Retained earnings, January 1, 2020 Interest expense Administrative expenses Dividends declared Allowance for doubtful accounts Notes payable (maturity 7/1/23) Machinery Materials Accounts payable $1,204,000 65,800 128,400 59,200 90,700 200,000 698,000 184,000 7,100 4,400 1,400 362,000 106,000 304,080 15,300 171,000 22,200 5,300 184,000 460,000 39,600 64,400 The amount of income taxes was $59,520, excluding the tax effect of the discontinued operations loss which amounted to $28,200. Prepare a multiple-step income statement. Cullumber Corporation INCOME STATEMENT For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold Gross Profit / (Loss) Operating Expenses Administrative Expenses Selling Expenses Total Operating Expenses Income from Operations Other Revenue and Expense Dividend Revenue Interest Expense Income Before Income Taxes Income Taxes Net Income / (Loss) Per Share of Common Stock Net Income / (Loss) Total Operating Expenses Cost of Goods Sold Operating Income Gross Profit/ (Loss) Dividend Revenue Income from Continuing Operations Interest Expense Other Revenue and Expense Operating Expenses Administrative Expenses Selling Expenses Income Before Income Taxes Net Income / (Loss) Income Taxes Discontinued Operations Loss, Net of Tax Sales Revenue Discontinued Operations Loss, Net of Applicable Taxes Prepare a retained earnings statement. (List items that increase retained earnings first.) Cullumber Corporation RETAINED EARNINGS STATEMENT For the Year Ended December 31, 2020 Retained Earnings, January 1, 2020 9 Add Net Income / (Loss) $ Less Dividends Declared o Retained Earnings, December 31, 2020 )