Testbank Problem 117 Cullumber Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2020 an analysis of the accounts and discussions with company officials revealed the following information: Sales revenue Discontinued operations loss (net of tax) Selling expenses Cash Accounts receivable Common stock Cost of goods sold Accumulated depreciation-machinery Dividend revenue Unearned service revenue Interest payable Land Patents Retained earnings, January 1, 2020 Interest expense Administrative expenses Dividends declared Allowance for doubtful accounts Notes payable (maturity 7/1/23) Machinery Materials Accounts payable $1,229,000 58,100 128,900 59,400 88,500 200,000 701,100 178,400 7,700 4,000 1,400 362,000 118,000 240,270 16,600 165,000 24,600 4,900 212,000 446,000 40,000 63,000 The amount of income taxes was $67,530, excluding the tax effect of the discontinued operations loss which amounted to $24,900. Prepare a multiple-step income statement. Cullumber Corporation INCOME STATEMENT Per Share of Common Stock Prepare a retained earnings statement. (List items that increase retained earnings first.) Cullumber Corporation RETAINED EARNINGS STATEMENT Click if you would like to Show Work for this question: Open Show Work