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Presented below is information related to Ivan Calderon Corp. for the year 2020. Net sales $1,300,000 Write-off of inventory due to obsolescence $80,000 Cost of

Presented below is information related to Ivan Calderon Corp. for the year 2020.

Net sales

$1,300,000

Write-off of inventory due to obsolescence

$80,000

Cost of goods sold

780,000

Depreciation expense omitted by accident in 2019

55,000

Selling expenses

65,000

Casualty loss

50,000

Administrative expenses

48,000

Cash dividends declared

45,000

Dividend revenue

20,000

Retained earnings at December 31, 2019

980,000

Interest revenue

7,000

Effective tax rate of 20% on all items

Prepare a multiple-step income statement for 2020. Assume that 60,000 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.)

Prepare a separate retained earnings statement for 2020. (List items that increase adjusted retained earnings first.)

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