Flagstaff Corporation's capital structure consists of 50,000 shares of common stock. The December 31, 2020 account balances are listed below (except as noted). All adjusting entries have been made except for the accrual of taxes (20% tax rate). Sales $1,505,000 Purchase Discounts 19,000 Purchases 681,000 Loss on Discontinued Operations 75,000 Selling Expenses 143,000 Cash 65,000 Accounts Receivable 92,000 Common Stock 180,000 Accumulated Depreciation 162,700 Dividend Revenue 7,500 Inventory, January 1, 2020 158,000 Unearned Service Revenue 5,800 Prepaid Insurance 1,500 Land 420,500 Patents 75,000 Retained Earnings, January 1, 2020 286,000 Sales Discounts 15,000 General and Administrative Expenses 124,000 Dividends 25,000 Allowance for Doubtful Accounts 5,000 Notes Payable (maturity 7/1/21) 175,000 Machinery and Equipment 500,000 Office Supplies 50,000 Accounts Payable 79,000 Note: 12/31/20 Inventory is $114,000 Required a) Prepare a 2020 multi-step income statement; include EPS. Refer to the Cabrera (Illustration 4-2) and Poquito (Illustration 4-8) Company examples in Chapter 4 of the text for format suggestions (Also, refer to Illustration 4-10). Many items in these format examples are not applicable to this homework problem. b) Prepare a 2020 retained earnings statement. Refer to the Stricker example (illustration 4-19) in Chapter 4 of the text for format suggestions. No corrections of prior periods exist. c) Prepare a 12/31/20 balance sheet. Refer to the Scientific Products (Illustration 5-16) example in Chapter 5 of the text for format suggestions. Many items in this example are not applicable to this homework problem.