Exercise 4-09 Presented below is information related to Kingbird Corp. for the year 2020. Net sales $1,560,000 Write-off of inventory due to obsolescence Cost of goods sold 936,000 Depreciation expense omitted by accident in 2019 Selling expenses 78,000 Casualty loss Administrative expenses 57,600 Cash dividends declared Dividend revenue 24,000 Retained earnings at December 31, 2019 Interest revenue 8,400 Effective tax rate of 20% on all items $96,000 66,000 60,000 54,000 1,176,000 Your answer is partially correct. Try again. Prepare a multiple-step income statement for 2020. Assume that 72,960 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.) KINGBIRD CORP. Income Statement For the Year Ended December 31, 2020 Revenue Net Sales 1560000 Cost of Goods Sold 936000 Gross Profit/ (Loss) 624000 Operating Expenses Selling Expenses 78000 Administrative Expense 57600 Total Operating Expenses 135600 Income From Operations 488400 Other Revenues and Gains Dividend Revenue 24000 Interest Revenue 8400 32400 456000 Other Expenses and Losses Casualty Loss 60000 Write-off of Inventory Due to Obsolescence 96000 156000 Income Before Income Tax 300000 Income Tax Expense 60000 [Net Income / (Loss) 240000 Earnings Per Common Share 3.29 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare a separate retained earnings statement for 2020. (List items that increase adjusted retained earnings first.) KINGBIRD CORP. Retained Earnings Statement For the Year Ended December 31, 2020 Retained Earnings, January 1, as reported 1176000 Correction for Overstatement of Net Income in Prior Period 52800 Retained Earnings, January 1, as adjusted 1228800 Add Net Income / (Loss) 240000 1468000 Less Dividends Declared 54000 Retained Earnings, December 31 1414800 Click if you would like to Show Work for this question: Open Show Work