Presented below is information related to Skysong Corp. for the year 2025. Net sales $1,170,000 Write-off of inventory due to obsolescence $72,000 Cost of goods sold 702,000 Depreciation expense omitted by accident in 2024 49,500 Selling expenses 5,8,500 Casualty loss 45,000 Administrative expenses 43,200 Cash dividends declared 40,500 Dividend revenue 18,000 Interest revenue 6,300 Retained earnings at December 31, 2024 Effective tax rate of 20% on all items 882,000 (a) Your answer is correct. Prepare a multiple-step income statement for 2025. Assume that 60,800 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.) SKYSONG CORP. Income Statement For the Year Ended December 31, 2025 Revenue Net Sales Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses 58500 1170000 702000 468000 Selling Expenses Administrative Expenses Total Operating Expenses Income from Operations Other Revenues and Gains Dividend Revenue Interest Revenue Other Expenses and Losses 58500 i 43200 i 18000 6300 Casualty Loss 45000 i Write-off of Inventory Due to Obsolescence 72000 i Income before Income Tax Income Tax Net Income/(Loss) Earnings per Common Share 101700 i 366300 24300 390600 117000 273600 54720 218880 3.6 (b) Earnings per Common Share eTextbook and Media List of Accounts 3.6 Attempts: 2 of 3 used Your answer is partially correct. Prepare a separate retained earnings statement for 2025. (List items that increase adjusted retained earnings first.) SKYSONG CORP. Retained Earnings Statement For the Year Ended December 31, 2025 Retained Earnings, January 1, as Reported Correction for Overstatement of Net Income in Prior Period Retained Earnings, January 1, as Adjusted Add Net Income/(Loss) Less : Dividends Declared Retained Earnings. December 31