Delta Corporation's capital structure consists of 20,000 common shares at December 31. At December 31, 2020 an analysis of the accounts and discussions with company officials revealed the following information: Sales............... $1,300,000 150,000 Inventory, January 1, 2020.... Purchases......... 728.000 Purchase discounts.... 18.000 Inventory. December 31, 2020... 130,000 Tornado loss (net after $18,000 tax) 42.000 Selling expenses........ 148,000 Cash............. 60,000 Accounts receivable.......... 90,000 Common shares.. 200.000 Accumulated depreciation...... 180,000 Dividend revenue......... 22,000 Unearned service revenue... 4,400 Accrued interest payable......... 1.000 Land............... 370,000 Patents..... 100,000 Retained earnings, January 1, 2020..... 350,000 Interest expense....... 15.000 Prior years cumulative effect of change from straight-line to accelerated depreciation (net after $15,000 tax).... 45,000 General and administrative expenses..... 172,000 Prior years cumulative effect of change from straight-line to accelerated depreciation (net after $15,000 tax)............ 45.000 172,000 General and administrative expenses......... Dividends declared................ 52,750 Allowance for doubtful accounts..... 5,000 Notes payable (maturity July 1, 2021).... 200,000 Machinery and equipment............ 450,000 Materials and supplies inventory.. 40.000 Accounts payable......... 60,000 Unless indicated otherwise, you may assume a 25% income tax rate. Required: a) Prepare, in good form, a multiple-step income statement (10 marks) b) Prepare, in good form, a retained earnings statement. (5 marks) 7 " B 1 % 3 Parta) 10 marks. Delta Corp Statement of Income for the year ended Dec 31, 2020