Presented below is information related to Tamarisk Corp. for the year 2020. Net sales $1,430,000 Write-off of inventory due to obsolescence $88.000 Cost of goods sold 858,000 Depreciation expense omitted by accident in 2019 60.500 Selling expenses 71,500 Casualty loss 55,000 Administrative expenses 52.800 Cash dividends declared 49,500 Dividend revenue 22.000 Retained earnings at December 31, 2019 1,078,000 Interest revenue 7,700 Effective tax rate of 20% on all items Your answer is partially correct. Prepare a multiple-step income statement for 2020. Assume that 66,880 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.) TAMARISK CORP. Income Statement For the Year Ended December 31, 2020 Revenue Net Sales $ 1430000 Cost of Goods Sold -858000 i Gross Profit/(Loss) 572000 Operating Expenses Selling Expenses $ 71500 i Selling Expenses $ 71500 i Administrative Expenses 52800 M. Total Operating Expenses -124300 i Total Revenues 447700 Other Revenues and Gains Dividend Revenue 22000 Interest Revenue 7700 29700 477400 Other Expenses and Losses $ Prepare a separate retained earnings statement for 2020. (List items that increase adjusted retained earnings first.) TAMARISK CORP. Retained Earnings Statement $