E$3\mathrm{.}9($LO $1,3)($Multiple$-$Step Statement with Retained Earnings Statement$)$ Presented below is information related to Ivan Calderon Corp. for the year $2025.$

Net sales

$$1,300,000$

Cost of goods sold

$780,000$

Selling expenses

$65,000$

Administrative expenses

$48,000$

Dividend revenue

$20,000$

Interest revenue

$7,000$

Write$-$off of inventory due to obsolescence

$$80,000$

Depreciation expense omitted by accident in $2024$

$55,000$

Casualty loss

$50,000$

Cash dividends declared

$45,000$

Retained earnings at December $31,2024$

$980,000$

Effective tax rate of $20\%$ on all items

Instructions:

a$.$

Prepare a multiple$-$step income statement for $2025.$ Assume that $60,000$ shares of common stock are outstanding for the entire year.

b$.$

Prepare a separate retained earnings statement for $2025.$