Exercise 4-17 (Income Statement, Retained Earnings) The following information was taken from the records of Vega Corporation for the year ended December 31, 2019: income tax applicable to income from continuing operations $119,000, and income tax applicable to loss on discontinued operations $25,500. $150,000 Gain on sale of plant assets..... $95,000 Loss on discontinued operations (gross) 75,000 Administrative expenses. 240,000 Rent revenue. 40,000 Loss on impairment of land..... 60,000 Cash dividends declared. Retained earnings, January 1, 2019.. Cost of goods sold. Selling expenses. Sales revenue. 600,000 850,000 300,000 1,700,000 Ordinary shares outstanding during 2019 were 100,000. Instructions: (a) Prepare an income statement for 2019. (b) Prepare a retained earnings statement for 2019