Presented below is information related to Sheffield Corp. for the year 2020 $1,456,000 Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue 873,600 72,800 53,760 $89,600 61.600 56,000 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2019 Casualty loss Cash dividends declared Retained earnings at December 31, 2019 Effective tax rate of 20% on all items 50,400 1,097,600 22,400 7,840 Prepare a multiple-step income statement for 2020. Assume that 68,096 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, eg. 1.49.) SHEFFIELD CORP. Income Statement