The following account balances were included in the trial balance of Twain Corporation at June 30, 2014.

Sales revenue		$1,580,300		Depreciation expense (office furniture and equipment)		$7,313
Sales discounts		33,100		Property tax expense		7,421
Cost of goods sold		899,900		Bad debt expense (selling)		4,932
Salaries and wages expense (sales)		57,540		Maintenance and repairs expense (administration)		9,154
Sales commissions		98,720		Office expense		6,106
Travel expense (salespersons)		33,800		Sales returns and allowances		62,390
Delivery expense		21,740		Dividends received		38,700
Entertainment expense		15,030		Interest expense		19,700
Telephone and Internet expense (sales)		9,169		Income tax expense		106,000
Depreciation expense (sales equipment)		4,994		Depreciation understatement due to error2011 (net of tax)		18,400
Maintenance and repairs expense (sales)		6,283		Dividends declared on preferred stock		9,620
Miscellaneous selling expenses		4,781		Dividends declared on common stock		39,600
Office supplies used		3,475
Telephone and Internet expense (administration)		2,867

The Retained Earnings account had a balance of $346,800 at July 1, 2013. There are 79,400 shares of common stock outstanding.

Using the multiple-step form, prepare an income statement and a retained earnings statement for the year ended June 30, 2014. (List items that increase retained earnings first. Round earnings per share to 2 decimal places, e.g. 1.48.)

Using the single-step form, prepare an income statement and a retained earnings statement for the year ended June 30, 2014. (List items that increase retained earnings first. Round earnings per share to 2 decimal places, e.g. 1.48.)