Presented below is information related to METU Corp. for the year 2019. Net sales $1,500,000 Write-off of inventory due to obsolescence $ 70,000 Cost of goods sold 880,000 Depreciation expense omitted by accident in 66,000 2018 Selling expenses 75,000 Casualty loss (extraordinary item) before taxes 50,000 Administrative expenses 38,000 Cash dividends declared 45,000 Dividend revenue 20,000 Retained earnings at December 31, 2018 880,000 Interest revenue 7,000 Effective tax rate of 40% on all items Instructions: (a) Prepare a multiple-step income statement for 2019. Assume that 65,000 shares of common stock are outstanding. (b) Prepare a separate retained earnings statement for 2019