The following pretax amounts are taken from the accounts of J&J Inc. at December 31, 2020, its annual year-end ($thousands). Assume an average 25% tax rate on all items. Sales revenue $340,000 Cost of goods sold 170,000 Selling and administrative expenses 90,000 Gain on sale of land held for speculation 30,000 Prior period adjustment, correction of error from 2019.pretax (a debit) 16,000 Interest expense 2,000 Cash dividends declared and paid 5,000 Retained earnings, December 31, 2019 103,000 Common stock, outstanding 10,000 shares Required a. Prepare a multiple-step income statement, including intraperiod income tax allocation and EPS disclosure. Do not use negative signs with any of your answers. Round the per share amount to two decimal places J&J Inc. Income Statement For the Year Ended December 31, 2020 e Other revenues and gains Other expenses and losses $ Earnings per share $ b. Determine the December 31, 2020, balance in retained earnings. $