III (25 points) Presented below is information related to Gastelum Company for the year 2022: Cash dividends declared on common stock 50,000 Cost of goods sold 700,000 Loss from discontinued operations, before income tax effects 290,000 Retained earnings, December 31, 2021 $ 650,000 Sales revenue 1,500,000 Selling and administrative expenses 290,000 Other revenues 90,000 Other expenses 100,000 Instructions Prepare a multiple-step income statement and statement of retained earnings for the year 2022. Assume a 20% tax rate and that 100,000 shares of common stock were outstanding during the year.