Exercise 4-09 Presented below is information related to Skysong Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,170,000 702,000 58,500 43,200 18,000 6,300 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 $72,000 49,500 45,000 40,500 882,000 Prepare a separate retained earnings statement for 2020. (List items that increase adjusted retained earnings first.) SKYSONG CORP. Retained Earnings Statement