Flagstaff Corporation's capital structure consists of 75,000 shares of common stock. The December 31, 2020 account balances are listed below. All adjusting entries have been made except for the accrual of taxes (10% tax rate).

Sales.................................................................................. $1,303,000

Purchase discounts...................................................................... 4,000

Purchases............................................................................... 642,000

Gain on Discontinued Operations.............................................. 110,000

Selling expenses...................................................................... 158,000

Cash......................................................................................... 60,000

Accounts receivable................................................................... 97,000

Common stock......................................................................... 205,000

Accumulated depreciation......................................................... 197,800

Unearned Revenue...................................................................... 9,000

Inventory, January 1, 2020........................................................ 150,000

Prepaid Insurance........................................................................ 4,400

Accrued interest payable.............................................................. 3,600

Land........................................................................................ 575,000

Goodwill.................................................................................. 102,000

Retained earnings, January 1, 2020.......................................... 390,000

Wage expense........................................................................... 12,000

General and administrative expenses........................................ 123,000

Leasehold Improvements............................................................ 20,000

Allowance for doubtful accounts.................................................... 6,000

Notes payable (maturity 7/1/25).................................................. 82,000

Machinery and equipment......................................................... 400,000

Office Supplies........................................................................... 35,000

Wages payable.......................................................................... 58,000

Ending Inventory at December 31, 2020 was $125,000.

Required

1. Prepare a 2020 multi-step income statement; include EPS.
2. Prepare a 2020 retained earnings statement.
3. Prepare a 12/31/20 balance sheet