Selected accounts of the general ledger of Cullman Company as of December 31, 2020, are shown below. a) Prepare income statement b) Prepare retained earnings statement (: -/12) Item Sales Sales returns and allowances Purchase discounts Selling expenses Cash Accounts receivable Common stock Accumulated depreciation Dividend revenue Inventory, Jan 1 Inventory, Dec 31 COGS Unearned service revenue Accrued interest revenue Loss on sale of land Patents Retained earnings, Jan 1 Interest expense General and administrative expenses Dividends declared on common stock Dividends declared on preferred stock Income tax expense Extraordinary loss on the building, destroyed by a storm Gain on sale of restaurant asset's (discontinued operation) (tax 20% applied on last two items) in EUR 4,145,000 25,000 18,000 128,000 60,000 90,000 200,000 180,000 8,000 152,000 82,000 1,497,000 4,400 1,000 3,000 100,000 290,000 17,000 150,000 29,000 15,000 48,600 200,000 500,000