Presented below is information related to martinez corp. for the year 2017.
net sales $1,040,000
write-off of inventory due to obsolescence $64,000
cost of goods sold 624,000
depreciation expense omitted by accident in 2019 44,000
selling expenses 52,000
casualty loss 40,000
administrative expenses 38,400
cash dividends declared 36,000
dividend revenue 16,000
retained earnings at december 31, 2019 784,000
interest revenue 5,600
effective tax rate of 20% on all items
prepare a multiple-step income statement for 2017. assume that 61,500 shares of common stock are outstanding. (round earnings per share to 2 decimal places, e. g. 1.49.)prepare a separate retained earnings statement for 2017. (list items that increase retained earnings first.)