Presented below is information related to Whispering 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 60,800 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.)