Task #1 Balance Sheet, Income statement, retained earnings statement, and closing entries. Porter Corporation's capital structure consists of 50,000 shares of common stock and 30,000 preferred stocks. On December 31, 2021, an analysis of the accounts and discussions with company officials revealed the following information: Sales revenue Discontinued operations loss (before tax) Selling expenses Cash Land held for future business site Accounts receivable. Common stock $1,250,000 90,000 128,000 40,000 43,000 90,000 120,000 Preferred stork 80,000 Cost of goods sold 700,000 Accumulated depreciation-machinery 180,000 1 Dividend revenue 8,000 Unearned service revenue 44,000 Interest payable 10,000 Trading securities 12,000 Land 370,000 Additional Paid-in Capital 57,900 Patents 100,000 Retained earnings, January 1, 2021 270,000 Interest expense 17,000 Administrative expenses 170,000 Dividends declared - Preferred 15,000 Dividends declared - Common 9,000 Allowance for doubtful accounts 5,000 Notes payable (maturity 7/1/23) 200,000 450,000 Machinery 40,000 Inventory Calculation mistake over estimated Cost of Goods Sold last year 50,000 60,000 Accounts payable Federal tax rate of 30% on all items. Instructions (a) Prepare a retained earnings statement. (b) (c) Prepare all closing entries Prepare a report form classified balance sheet. (d) Prepare a multiple-step income statement. Page 9