Prepare a multiple-step income statement for 2020. Assume that 63,840 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.) SWIFTY CORP. Income Statement For the Year Ended December 31, 2020 Revenue Net Sales Cost of Goods Sold Gross Profit/(Loss) >> Operating Expenses Selling Expenses $ Administrative Expenses Total Operating Expenses Income From Operations Other Revenues and Gains Interest Revenue Dividend Revenue Other Expenses and Losses Casualty Loss Write-off of Inventory Due to Obsolescence Income Before Income Tax Income Tax Expense Net Income /(Loss) Earnings Per Common Share Prepare a separate retained earnings statement for 2020. (List items that increase adjusted retained earnings first.) SWIFTY CORP. Retained Earnings Statement For the Year Ended December 31, 2020 Retained Earnings, January 1, as reported $ Correction for Overstatement of Net Income in Prior Period Retained Earnings, January 1, as adjusted Add : Net Income /(Loss) > Less Dividends Declared 0.54 / 1 III View Policies Show Attempt History Current Attempt in Progress Presented below is information related to Swifty Corp.for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,092,000 655,200 54,600 40,320 16,800 5,880 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2019 Casualty loss Cash dividends declared Retained earnings at December 31, 2019 Effective tax rate of 20% on all items $67,200 46,200 42,000 37,800 823,200