Question 13 0.52/1 View Policies Show Attempt History Current Attempt in Progress 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 Your answer is partially correct. Prepare a multiple-step income statement for 2020. Assume that 69,312 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.) WILDHORSE CORP. Income Statement For the Year Ended December 31, 2020 Prepare a multiple-step income statement for 2020. Assume that 69,312 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.) WILDHORSE CORP. Income Statement For the Year Ended December 31, 2020 Revenue Net Sales $ Cost of Goods Sold Gross Profit/(Loss) Operating Expenses Selling Expenses Administrative Expenses Income From Operations Other Revenues and Gains Dividend Revenue Interest Revenue Other Expenses and Losses Casualty Loss Write-off of Inventory Due to Obsolescence Income Before Income Tax Income Tax Expense Net Income /(Loss) Earnings Per Common Share $ Prepare a separate retained earnings statement for 2020. (List items that increase adjusted retained earnings first.) WILDHORSE CORP. Retained Earnings Statement For the Year Ended December 31, 2020 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 $