View Policies Current Attempt In Progress Presented below is information related to Novak Corp. for the year 2020. Net sales $1,664,000 Write-off of inventory due to obsolescence $102,400 Cost of goods sold 998,400 Depreciation expense omitted by accident in 2019 70,400 Selling expenses 83,200 Casualty loss 64,000 Administrative expenses 61,440 Cash dividends declared 57.600 Dividend revenue 25,600 Retained earnings at December 31, 2019 1,254,400 Interest revenue 8,960 Effective tax rate of 20% on all items (a) Sun out -/201 Prepare a multiple-step income statement for 2020. Assume that 97,280 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, eg. 1.49) NOVAK CORP. Income Statement Sign out 00322 -/20 E