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. $ 168,000 $ 106,400 84,000 2,400,000 Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory Cash dividends declared Retained earnings January 1, 2020 Cost of goods sold Selling expenses 268,800 952,000 336,000 w 44.800 A 67,200 Sales Revenue 2,128,000 Shares outstanding during 2020 were 100,000 Prepare a retained earnings statement for 2020. (List items that increase retained earnings first.) SHEFFIELD INC. Retained Earnings Statement $ > >