Q3. Presented below is information that relates to Muffin Limited for 2020: Collections of credit sales..................... Retained earnings, January 1, 2020... Sales.......... Selling and administrative expenses.. Casualty loss (pre-tax)........ Cash dividends declared on common shares.. Cost of goods sold..... $1,100,000 800,000 1,900,000 290,000 350,000 34,000 1,100,000 Loss resulting from calculation error on depreciation charge in 2018 (pre-tax).......... Other revenues. Other expenses..... Loss from early extinguishment of debt (pre-tax)... 460,000 180,000 120,000 ...... 340,000 Gain from transactions in foreign currencies (pre-tax)............. 220,000 Proceeds from sale of Muffin common shares... 60,000