****I apologize in advance, the formating is pushing the numbers towards the decriptions and I tried to fix, but keeps pushing it back.

Rox Corporation's Multiple Step Income statement and retained earnings statement for the year ended December 31, 2019, as a developed by its bookkeeper, are shown here:

Revenue Statement

December 31, 2019

Sales (net) $179,000.00

Plus: Income from operations of discontinued Division P 3,200.00

Less: Dividends declared ($1.50 per common share) (7,500.00)

Net Revenues $174,700.00

Less: Selling Expenses (19,000.00)

Gross Profit $155,700.00

Less: Operating Expenses

Interest expense $4,100.00

Loss on the sale of Division P 4,000.00

Cost of goods sold 110,700.00

Income tax expense on income from continuing operations 4,380.00

Total Operating expenses (123,180.00)

Operating income $32,520.00

Miscellaneous Items:

Dividend revenue 1,800.00

General and administrative expense (24,300.00) (22,500.00)

Income before unusual items 10,020.00

Loss on sale of land (4,800.00)

Correction of error last years income 5,000.00 200.00

Net Income $10,220.00

Retained Earnings Statement

December 31, 2019

Beginning retained earnings $62,850.00

Add: Net Income 10,220.00

Adjusted retained earnings $73,070.00

Less: Loss from theft (9,200.00)

Ending retained earnings $63,870.00

It is determined that the balance listed are correct but are incorrectly classified in certain cases. The companys tax rate is 30% and has not been applied correctly as shown. No shares of common stock were issued or retired during 2019.

Question:

***Prepare a corrected multiple step income statement for 2019 in good format. Need to determine the correct beginning balance of retained earnings and then prepare a correct 2019 retained earnings statement.