. Prepare a single-step income statement Prepare a multiple-step income statement (including earnings per share). Exercise 37 The following pretax amounts are taken from the accounts of J&J Inc. at December 31, 2020, its annual year-end Preparing a Mile (5 thousands). Assume an average 25% tax rate on all items. She income 340 Statement and a Sales revenue... Retained Earnings 170 Statement L01, 6 Cost of goods sold 90 Selling and administrative expenses Gain on sale of land held for speculation 30 Prior period adjustment, correction of error from 2019, pretax (a debit). 16 Interest expense... 2 Cash dividends declared and paid 5 Retained earnings, December 31, 2019. 103 Common stock, outstanding. 10,000 shares Required a. Prepare a multiple-step income statement, including intraperiod income tax allocation and EPS disclosure. b. Determine the December 31, 2020, balance in retained earnings