Exercise 4-9 Presented below is information related to Ivan Calderon Corp. for the year 2017, 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 2016 Casualty loss Cash dividends declared Retained earnings at December 31, 2016 Effective tax rate of 34% on all items $80,000 55,000 50,000 45,000 980,000 Prepare a multiple-step income statement for 2017. Assume that 60,000 shares of common stock are outstanding. (Round earni 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 Operating Expenses Selling Expenses 65000 Administrative Expenses 48000 Total Operating Expenses 113000 Income From Operations 407000 Other Revenues and Gains Dividend Revenue 20000 Interest Revenue 7000 27000 434000 Other Expenses and Losses Other Expenses and Losses Prepare a separate retained earnings statement for 2017. (List items that increase adjusted retained earnings first.) IVAN CALDERON CORP. Retained Earnings Statement