Lane Corp
Trial Balance
December 31. 2020
Accounts	Balance
Retained earnings balance, 1-1-20	980
Sales revenue	25,000
Cost of goods sold	16,000
Interest revenue	70
Administrative Expenses	2,700
Write-off Goodwill	880
Selling Expenses	2,000
Gain on the sale of investments	110
Loss due to flood damage	400
Loss on disposition of entire truck division	440
Loss from operations of the truck division	90
Dividends declared on common stock	250
Dividends declared on preferred stock	80
Number of shares of common stock outstanding		500
Tax rate		30%
Prepare the following statements for the year ended
December 31, 2020 - multiple-step income statement and statement of retained earnings