Prepare Multi-Step Income Statement and Retained Earnings Statement.

b. The following information is related to Thompson Corporation for 2020. Prepare Multi-Step Income Statement and Retained Earnings Statement. Retained earnings balance, January 1 2020 Sales Revenue Cost of goods sold Interest revenue Selling and administrative expense Write-off receivables Gain on sale of investment Loss due to flood Dividends declared on common stock Dividends declared on preferred stock oss on disposition of subsidiaries 10,00,000 300,00,000 180,00,000 80,000 47,00,000 7,50,000 1,20,000 3,20,000 2,50,000 80,000 4,50,000 tained 48,85,250 working - 29,250 42, 24,500 8.56 Additional Information: Income tax for 2020 is 30%. (Assume a tax rate of 35% of all items, unless indicated otherwise.) > During 2020, there were 500000 shares of common stock outstanding all the year. The corporation decided to change its method of inventory pricing from average-cost to the FIFO method. The effect of this change on prior years is to increase 2018 income by 70,000 and decrease 2019 income by 25,000 before tax. The FIFO method has been used for 2020. The internal audit discovered that amortization of intangible assets was overstated by 20,000 in 2019