Porter Corporation's capital structure consists of 50,000 shares of common stock outstanding. At December 31, 2022 an analysis of the accounts and discussions with company officials revealed the following information: Sales $1,100,000 Purchase Discounts $18,000 Purchases $642,000 Earthquake loss $42,000 Selling expenses $128,000 Cash $60,000 Accounts receivable $90,000 Common stock Accumulated depreciation $200,000 $180,000 $8,000 $152,000 Dividend revenue Inventory, Jan 1, 2022 Inventory, Dec 31, 2022 $125,000 Unearned service revenue $4,400 Accrued interest payable $1,000 Land $370,000 Patents $100,000 Retained earnings, Jan 1, 2022 $290,000 Interest expense $17,000 General & administrative expenses $150,000 Dividends declared $29,000 Allowance for doubtful accounts $5,000 Notes payable (maturity 7/1/25) $200,000 Machinery and equipment $450,000 Materials and supplies $40,000 Accounts payable $60,000 The amount of income taxes was $56,600. Required: (a) Prepare a multiple-step income statement. [20 points] (b) Prepare a retained earnings statement. [5 points]