(Multiple-step Statement with Retained Earnings) Presented below is information related to Begley Corp. for the year 2020. Net sales Cost of goods sold $2,200,000 980,000 Selling expenses 165,000 Admin. expenses 148,000 Write-off of inventory due to obsolescence Depreciation exp. omitted by accident in 2019 Casualty loss (extraordinary item) before taxes Dividends declared $ 80,000 40,000 70,000 45,000 Dividend revenue 40,000 Retained earnings at December 31, 2019 980,000 Interest revenue 14,000 Effective tax rate of 34% on all items Instructions (a) Prepare a multiple-step income statement for 2020. Assume that 60,000 shares of common stock are outstanding Attach File Browse Local Files Browse Content Collection Browse Dropbox