Current Attempt in Progress Presented below is information related to Metlock Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,274,000 764,400 63,700 47,040 19,600 6,860 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 $78,400 53.900 49,000 44,100 960,400 Prepare a multiple-step income statement for 2020. Assume that 59,584 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.) METLOCK CORP. Income Statement For the Year Ended December 31, 2020 Income From Operations Net Sales $ 1274000 METLOCK CORP. Retained Earnings Statement For the Year Ended December 31, 2020 Retained Earnings, January 1, as reported $ 960400 Dividends Declared 283336 Retained Earnings, December 31 Add: Net Income /(Loss) Less : Dividends Declared Retained Earnings, December 31 e Textbook and Media List of Accounts