Exercise 4-09 Presented below is information related to Ivan Calderon Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,300,000 780,000 65,000 48,000 20,000 7,000 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2019 Casualty loss Cash dividends declared Retained earnings at December 31, 2019 Effective tax rate of 20% on all items $80,000 55,000 50,000 45,000 980,000 Your answer is partially correct. Try again. Prepare a multiple-step income statement for 2020. Assume that 60,000 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.) IVAN CALDERON CORP. Income Statement For the Year Ended December 31, 2020 | Revenue T Net Sales 1300000 T Cost of Goods Sold 780000 LS Gross Profit/(Loss) 520000 Operating Expenses T Selling Expenses 65000 T Administrative Expenses 48000 Total Operating Expenses 113000 || Income From Operations 2 407000 || Other Revenues and Gains T Dividend Revenue 20000 T Interest Revenue 7000 27000 434000 Other Expenses and Losses Other Expenses and Losses TCasualty Loss 50000] Write-off of Inventory Due to Obsolescence 80000 130000 Income Before Income Tax 304000 HULLE T Income Tax Expense I 60800! ! Net Income / (Loss) 243200 Earnings Per Common Share 4.05 Your answer is partially correct. Try again. Prepare a separate retained earnings statement for 2020. (List items that increase adjusted retained earnings first.) IVAN CALDERON CORP. Retained Earnings Statement For the Year Ended December 31, 2020 A Retained Earnings, January 1, as adjusted 98000 X PB Tadd Add .Net Income / (LOS) Net Income / (Loss) 164340 los . Dwidends Declared 45000 | Retained Earnings, December 31 1099340 Click if you would like to Show Work for this question: Open Show Work