Presented below is information related to Wildhorse Corp. for the year 2020.

Net sales

$1,482,000

Write-off of inventory due to obsolescence

$91,200

Cost of goods sold

889,200

Depreciation expense omitted by accident in 2019

62,700

Selling expenses

74,100

Casualty loss

57,000

Administrative expenses

54,720

Cash dividends declared

51,300

Dividend revenue

22,800

Retained earnings at December 31, 2019

1,117,200

Interest revenue

7,980

Effective tax rate of 20% on all items

			(a)	Prepare a multiple-step income statement for 2020. Assume that 69,312 shares of common stock are outstanding for the entire year
		(b)	Prepare a separate retained earnings statement for 2020.