Instructions Net sales Presented below is information related to Ivan Calderon Corp. for the year 2025. $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 Effective tax rate of 20% on all items 980,000 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.