net sales $1,404,000$ cogs $842,400$ selling expenses $70,200$ administrative expenses $51,840$ dividend revenue $21,600$ interest revenue $7,560$ write$-$off of inventory due to obsolescence $86,400$ depreciation expense omitted by accident in $202759,400$ casualty loss $54,000$ cash dividends declared $48,600$ retained earnings at dec $31,20271,058,400$ effective tax rate of $20\%$ on all items prepare a multiple$-$step income statement for $2028.$ assume that $65,664$ shares of common stock are outstanding for the entire year. income statement