Multiple-Step Statement with Retained Earnings Statement. Net sales $ 80,000 55,000 Cost of goods sold Selling expenses Casualty loss Cash dividends declared Interest revenue $1,500,000 Write-off of inventory due to obsolescence 785,000 Depreciation expense omitted by accident in 2019 65,000 Administrative expenses 50,000 Dividend revenue 45,000 Retained earnings at December 31, 2019 7,000 Effective tax rate of 20% on all items 48,000 20,000 990,000 a Instructions: a. Prepare multiple-step income statement for 2020. Assume that 60,000 shares of common stock are outstanding for the entire year. b b. Prepare a separate retained earnings statement for 2020