part a is done and correct. i need help with part b, budgeted multi step income, and part c, retained earnings (ignore 2017 it should be 2020)

Krause Industries' balance sheet at December 31, 2019, is presented below. $7,500 73,500 25,460 106,460 30,350 KRAUSE INDUSTRIES Balance Sheet December 31, 2019 Assets Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) Total current assets Property, Plant, and Equipment Equipment $40,580 Less: Accumulated depreciation 10,230 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable Total liabilities Stockholders' Equity Common stock $36,240 Retained earnings 27,490 Total stockholders' equity Total liabilities and stockholders' equity $136,810 $27,580 45,500 73,080 63,730 $136,810 Budgeted data for the year 2020 include the following. 2020 Quarter 4 Total Sales budget (8,000 units at $32) $76,800 $256,000 Direct materials used 12,010 62,500 Direct labor 12,500 50,900 Manufacturing overhead applied 10,000 48,600 Selling and administrative expenses 17,040 75,000 To meet sales requirements and to have 2,500 units of finished goods on hand at December 31, 2020, the production budget shows 9,000 required units of output. The total unit cost of production is expected to be 18. Krause uses the first-in, first-out (FIFO) inventory costing method. Interest expense is expected to be $3,500 for the year. Income taxes are expected to be 40of income before Income taxes. In 2020, the company expects to declare and pay an $8,620 cash dividend. The company's cash budget shows an expected cash balance of $5,880 at December 31, 2020. All sales and purchases are on account. It is expected that 60% of quarterly sales are collected in cash within the quarter and the remainder is collected in the following quarter Direct materials purchased from suppliers are paid 50% in the quarter incurred and the remainder in the following quarter Purchases in the fourth quarter were the same as the materials used. In 2020, the company expects to purchase additional equipment costing $11.890 $10,621 of depreciation expense on equipment is included in the budget data and split equally between manufacturing overhead and siling and administrative expenses. Krause expects to pay $9.720 on the outstanding notes payable balance plus an interest due and payable to December 31 (included in interest expense $3,500, above). Accounts payable at December 31, 2020, Includes amounts due suppliers (see above) plus other accounts payable relating to manufacturing overhead of $3,200. Unpaid income taxes at December 31 will be $6,020 (a) Your answer is correct. Prepare a budgeted statement of cost of goods sold. KRAUSE INDUSTRIES Budgeted Cost of Goods Sold For the Year Ending December 31, 2020 25,460 Finished Goods Inventory, 1/1/20 Cost of Goods Manufactured Direct Materials Used 62,500 Direct Labor 50,900 Manufacturing Overhead Applied 48,600 162,000 Cost of Goods Available For Sale 187,460 Finished Goods Inventory, 12/31/20 - 45,000 Cost of Goods Sold 142,460 (b) Prepare a budgeted multiple-step income statement for 2020. KRAUSE INDUSTRIES Budgeted Income Statement For the Year Ending December 31, 2020 4 Sales Revenue $ Cost of Goods Sold 142,460 Gross Profit Selling and Administrative Expenses Income from Operations Interest Expense Income before Income Taxes Income Tax Expense Net Income / (Loss) $ Prepare retained earnings statement for 2017. (List items that increase retained earnings first.) KRAUSE INDUSTRIES Budgeted Retained Earnings Statement