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Question 21 25 pts Porter Corporation's capital structure consists of 50,000 shares of common stock outstanding, At December 31, 2020 an analysis of the accounts and discussions with company officials revealed the following information Sales $1,100,000 Purchase Discounts $18,000 Purchases $642.000 $42.000 $128.000 Earthquake loss Selling expenses Cash Accounts receivable $60,000 $90,000 $200,000 Common stock Accumulated depreciation $180,000 $8,000 $152,000 $125,000 Dividend revenue Inventory. Jan 1, 2020 Inventory, Dec 31, 2020 Unearned service revenue Accrued interest payable Land $4,400 $1,000 $370,000 $100,000 Patents $290,000 Retained earnings, Jan 1, 2020 Interest expense General & administrative expenses $17,000 $150,000 $29,000 $5,000 Dividends declared Allowance for doubtful accounts Notes payable maturity 7/1/23) Machinery and equipment Materials and supplies Accounts payable $200,000 $450.000 $40,000 $60,000 The amount of income taxes was $56.600. Required: la) Prepare a multiple-step income statement (20 points] b) Prepare a retained earnings statement. [5 points]