Help, I need help with the parts I got wrong which are in red. This is my last try!

Question 3 of 6 3.7675 View Policies Show Attempt History Current Attempt in Progress Presented below is information related to Sheffield Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,456,000 873,600 72,800 53,760 22,400 7,840 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2019 Casualty loss Cash dividends declared Retained earnings at December 31, 2019 Effective tax rate of 20% on all items $89,600 61,600 56,000 50,400 1,097,600 Your answer is partially correct. Prepare a multiple-step income statement for 2020. Assume that 68,096 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.) SHEFFIELD CORP. Income Statement For the Year Ended December 31, 2020 Revenue 3.76 / 5 SHEFFIELD CORP. Income Statement For the Year Ended December 31, 2020 Revenue Net Sales $ 1,456,000 Cost of Goods Sold 873,600 i Gross Profit/(Loss) 582,400 Operating Expenses Selling Expenses $ 72,800 i Administrative Expenses 53,760 i Total Operating Expenses 126,560 Income From Operations 455,840 Other Revenues and Gains Dividend Revenue 22,400 Interest Revenue 7,840 30,240 486,080 MacBook Pro 3.767 5 5 Dividend Revenue 22,400 Interest Revenue 7,840 30,240 486,080 Other Expenses and Losses Casualty Loss 56,000 i Write-off of Inventory Due to Obsolescence 89,600 i 89,600 Write-off of Inventory Due to Obsolescence 56,000 Income Tax Expense 68,096 i Income Before Income Tax 340,480 Net Income /(Loss) $ 272,384 e Textbook and Media List of Accounts Prepare a separate retained earnings statement for 2020. (List items that increase adjusted retained earnings first.) SHEFFIELD CORP. Retained Earnings Statement For the Year Ended December 31, 2020 Retained Earnings, December 31 $ 1,097,600 Correction for Overstatement of Net Income in Prior Period -61,600 Retained Earnings, January 1, as adjusted 103600 Add V: Net Income/(Loss) 272,384 1,308,384 Less VA Dividends Declared -50400 i Retained Earnings, December 31 $ 1,257,984 e Textbook and Media List of Accounts