(net of $6,000 tax).. ..(18,000) General and administrative expenses.. ........80,000 Dividends declared and paid.............. .15,000 Allowance for doubtful accounts.. .5,000 Machinery and equipment.. ..225,000 Unless indicated otherwise, you may assume a 25% income tax rate. General and administrative expenses include depreciation. There are no preferred shares issued. Instructions a. Prepare, in good form, a multiple-step income statement. b. Prepare, in good form, a retained earnings statement.