Exercise 4-9 (Part Level Submission) Presented below is information related to Ivan Calderon Corp. for the year 2017 Net sales Cost of goods sold $%1,300,000 Write-off of inventory due to obsolescence $80,000 780,000 Depreciation expense omitted by accident in 2016 55,000 50,000 45,000 980,000 Level Selling expenses 65,000 Casualty loss Administrative expenses 48,000 Cash dividends dedared Dividend revenue Interest revenue Retained earnings at December 31, 2016 Effective tax rate of 34% on all items 20,000 7,000 (a) Your answer is correct. Prepare a muliple-step income statement for 2017. Assume that 60,000 shares of common stock are outstanding. (Round earnings per share to 2 decimal places eg. 1 IVAN CALDERON CORP Income Statement For the Year Ended December 31, 2017 Revenue Net Sales 1300000 Cost of Goods Sold 780000 Prepare a multiple-step income statement for 2017. Assume that 60,000 shares of common stock are outstanding. (Round earn IVAN CALDERON CORP. Income Statement For the Year Ended December 31, 2017 Revenue Net Sales 1300000 Cost of Goods Sold (780000) Gross Profit/(Loss) 520000 Operating Expenses Administrative Expenses 48000 Seling Expenses 65000 Total Operating Expenses 113000 407000 Income From Operations Other Revenues and Gains Dividend Revenue 20000 7000 Interest Revenue 27000 434000 Other Expenses and Losses Casualty Loss 50000 Write-off of Inventory Due to Obsolescence 80000 Income Before Income Tax 304000 Expense 103360 NT 3.34 Earnings Per Common Share Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION ore sults by ctie LINK TO TEXT LINK TO TEXT LINK TO TEXT (b) 2 Your answer is partially correct. Try again. Prepare a separate retained eanings statement for 2017. (List items that increase adjusted retained earnings first.) IVAN CALDERON CORP Retained Eamings Statement For the Year Ended December 31, 2017 Retained Earnings, January 1, as reported 980000 Correction for Overstatement of Net Income in Prior Periad v Rights Reserved. A Division unghn wera sta ti- > Open Assignment For the Year Ended December 31, 2017 Retained Eamings, January 1, as reported 980000 3-3 Correction for Overstatement of Net Income in Prior Period Retained Earnings, January 1, as adjusted 90000 sults by ctive Add l Net Income/(Loss) 200640 1100640 Less '| vidends Declared 45000 Retained Earnings, December 31 1055640 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT LINK TO TEXT