The following information was taken from the records of Sheffield Inc. for the year 2020: Income tax applicable to income from continuing operations $209,440; income tax applicable to loss on discontinued operations $28,560, and unrealized holding gain on available-for-sale securities (net of tax) $16,800. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $106,400 84,000 268,800 44,800 67,200 Cash dividends declared Retained earnings January 1, 2020 Cost of goods sold Selling expenses Sales Revenue $168,000 2,400,000 952,000 336,000 2,128,000 Shares outstanding during 2020 were 100,000. Income Statement For the Year Ended December 31, 2020 levenues Sales Revenue $ 2128000 Rent Revenue 44800 Total Revenues $ 2172800 xpenses Cost of Goods Sold 952000 i Selling Expenses 336000 Administrative Expenses 268800 i Total Expenses 1556800 i ncome from Operations 616000 Income Tax 49500 Other Expenses and Losses Income From Continuing Operations Before Income Tax 313500 nventory Loss 95000 Income From Continuing Operations Before Income Tax 313500 nventory Loss 95000 Inventory Loss 32300 Other Expenses and Losses 376200 Other Expenses and Losses Loss on Discontinued Operations 60000 Less : Applicable Income Tax Reduction 20400 39600 let Income /(Loss) $ 336600 'er Share of Common Stock Income From Continuing Operations $ 4.07 Loss on Discontinued Operations, Net of Tax 3.51 Net Income /(Loss) 3.77 Prepare a comprehensive income statement for 2020, using the two statement format. SHEFFIELD INC. Comprehensive Income Statement For the Year Ended December 31, 2020 Net Income /(Loss) $ 376992 Other Comprehensive Income Unrealized Holding Gain, Net of Tax 16800 Comprehensive Income $ 393792 Prepare a retained earnings statement for 2020. (List items that increase retained earnings first.) SHEFFIELD INC. Retained Earnings Statement For the Year Ended December 31, 2020 Retained Earnings, January 1 $ 2400000 Add Net Income / (Loss) 376992 2776992 Less Dividends Declared -168000 Retained Earnings, December 31 2608992