Presented below is information related to Trieu Corp. for the year 2014.

Instructions
(a) Prepare a multiple-step income statement for 2014. Assume that 60,000 shares of common stock are outstanding.
(b) Prepare a separate retained earnings statement for2014.

$2,600,000 Write-off of inventory due to obsolescence Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue 160,000 1,560,000 Depreciation expense omitted by accident in 2013 110,000 130,000 Casualty loss (extraordinary item) before taxes 100,000 90,000 1,960,000 96,000 Dividends declared 40,000 Retained earnings at December 31, 2013 14,000 Effective tax rate of 34% on all items