The following is the trial balance of Metlock Corporation at December 31, 2020.

METLOCK CORPORATION TRIAL BALANCE DECEMBER 31, 2020
		Debits			Credits
Purchase Discounts					$17,000
Cash		$322,490
Accounts Receivable		178,500
Rent Revenue					30,600
Retained Earnings					272,000
Salaries and Wages Payable					30,600
Sales Revenue					1,870,000
Notes Receivable		187,000
Accounts Payable					83,300
Accumulated DepreciationEquipment					47,600
Sales Discounts		24,650
Sales Returns and Allowances		29,750
Notes Payable					119,000
Selling Expenses		394,400
Administrative Expenses		168,300
Common Stock					510,000
Income Tax Expense		91,630
Cash Dividends		76,500
Allowance for Doubtful Accounts					8,500
Supplies		23,800
Freight-in		34,000
Land		119,000
Equipment		238,000
Bonds Payable					170,000
Gain on Sale of Land					51,000
Accumulated DepreciationBuildings					33,320
Inventory		151,300
Buildings		166,600
Purchases		1,037,000
Totals		$3,242,920			$3,242,920

A physical count of inventory on December 31 resulted in an inventory amount of $108,800; thus, cost of goods sold for 2020 is $1,096,500.

Prepare a single-step income statement. 51,000 shares of common stock were outstanding the entire year. (Round earnings per share to 2 decimal places, e.g. 1.48.)

Prepare a retained earnings statement. Assume that the only changes in retained earnings during the current year were from net income and dividends. (List items that increase retained earnings first.)