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Question 32 Kingbird Limited is a private corporation reporting under ASPE. At December 31, 2021, Its general ledger contained the following summary data: Cost of goods sold $1,239,000 Interest expense 36,800 Interest revenue 15,400 Operating expenses 215,000 Retained earnings, January 1 546,100 Sales 1,660,000 Additional Information: 1. In 2021, common share dividends of $24,900 were declared on June 30 and December 31. The dividends were paid on July 8, 2021, and January 8, 2022, respectively, 2. The company's income tax rate is 20%. (b) Determine income tax expense. Income tax expense $ Prepare a multiple-step income statement for 2021. KINGBIRD LIMITED Income Statement AVEV VALVE