nds: prepare ent and tained 5.4.5) AP P13-5B Hyperchip Limited is a private corporation reporting under ASPE. A ledger contained the following summary data: corporation reporting under ASPE. At December 31, 2017, its general Cost of goods sold $ 950,000 Net sales 1,425,000 Operating expenses 270,000 Other expenses 30,000 Other revenues 45,000 Retained earnings, December 31, 2016 1,150,000 Additional information: 1. In 2017, common share dividends of $80,000 were declared on June 26 and December 26. The dividends were paid on July 9, 2017, and January 9, 2018, respectively. 2. The company's income tax rate is 20%. Instructions (a) Record the dividend transactions in 2017. (b) Prepare a multiple-step income statement for 2017 (c) Prepare a statement of retained earnings for 2017