Preparing a Multiple-Step Income Statement and a Retained Earnings Statement The following pretax amounts are taken from the accounts of J&J Inc. at December 31, 2020 its annual year-end (thousands) Assume an average 251 tax rate on all items. Sales revenue $272,000 Cost of goods sold 135.000 Selling and administrative expenses 72,000 Gain on sale of land held for speculation 24000 Prior period adjustment, correction of error from 2019.pretax (a debit) 12,800 1.650 Interest expense Cish dividends dedared and paid 4,000 82.400 Retained earnings, December 31, 2019 Common stock, outstanding 25,000 shares Required a. Prepare a multiple-step income statement, including intraperiod income tax allocation and EPS disclosure. Do not use negative signs with any of your answers. . Round the per share amount to two decimal places JAJ Inc. income Statement For the Year Ended December 31, 2020 $ . - Other revenues and gains Other expenses and losses Required a. Prepare a multiple step income statement, including intraperiod income tax allocation and EPS disclosure Do not use negative signs with any of your answers Round the per share amount to two decimal places J&J Inc. Income Statement For the Year Ended December 31, 2020 + $ Other revenues and gains Other expenses and losses $ $ Earnings per share b. Determine the December 31, 2020, balance in retained earnings. $ Check