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A. Income Statement and Statement of Retained Earnings (1) (2) Prepare a multiple-step income statement. (20 pts.) Prepare a statement of retained earnings. (5 pts.) The following amounts pertain to the Yellow Corp. for the year ended December 31, 2021. Sales $ 400,000 Selling expenses 54,000 Sales returns 30,000 General and administrative expenses 27,000 Interest expense 4,000 Cost of goods sold 200,000 Sales discounts 25,000 Rent revenue 15,000 Loss on sale of equipment (10,000) 30,000 Gain on disposal of business operation (before tax) 1,600,000 Retained earnings, January 1, 2021 Dividends declared on common stock 12,000 The tax rate is 20 percent. The company had 10,000 shares of common stock outstanding. 2