Presented below is information related to Ivan Calderon Corp. for the year 2025.

Net sales		$1,560,000
Cost of goods sold		936,000
Selling expenses		78,000
Administrative expenses		57,600
Dividend revenue		24,000
Interest revenue		8400
Write-off of inventory due to obsolescence		$96,000
Depreciation expense omitted by accident in 2024		66000
Casualty loss		60,000
Cash dividends declared		54,000
Retained earnings at December 31, 2024		1,176,000
Effective tax rate of all items		20%

Instructions

1. Prepare a multiple-step income statement for 2025. Assume that 72960 shares of common stock are outstanding for the entire year.
2. Prepare a separate retained earnings statement for 2025.