Question 2 Partially correct Marked out of 63.00 Flag question Preparing an Income Statement and a Statement of Comprehensive Income The following pretax amounts are taken from the adjusted trial balance of Avoca Auto Corp. at December 31, 2020, its annual year-end. Sales revenue Cost of goods sold Operating expenses Gain on debt retirement Interest expense $390,000 165,000 120,000 30,000 12,000 75,000 45,000 37,500 Unrealized holding gain on debt investment securities, net of tax 6,000 15,000 shares Loss from discontinued operations Retained earnings balance, December 31, 2019 Dividends declared and paid Common stock, weighted average shares outstanding Required a. Prepare a single-step income statement. Assume an average 25% tax rate on all items. Include earnings per share disclosures. b. Prepare a comprehensive income statement by showing a separate but consecutive statement of comprehensive income. Ignore earnings per share disclosures c. Eompute the ending retained earnings balance at December 31, 2020. Enter revenues and gains and expenses and losses in the order of the largest dollar amount to the smallest dollar amount. Do not use negative signs with any of your answers. Round the per share amounts to two decimal places. Single-step Income Statement Statement of Comprehensive Income Retained Earnings Balance c. Compute the ending retained earnings balance at December 31, 2020. S a