(Multiple-step Statement with Retained Earnings) Presented below is information related to Begley Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Admin. expenses Dividend revenue Interest revenue $2,200,000 980,000 165,000 148,000 40,000 14,000 Write-off of inventory due to obsolescence $ 80,000 Depreciation exp. omitted by accident in 2019 40,000 Casualty loss (extraordinary item) before taxes 70,000 Dividends declared 45,000 Retained earnings at December 31, 2019 980,000 Effective tax rate of 34% on all items Instructions (a) Prepare a multiple-step income statement for 2020. Assume that 60,000 shares of common stock are outstanding