VIEW POLICIES Show Attempt History Current Attempt In Progress Presented below is information related to Tamarisk Corp. for the year 2020. Net sales $1,430,000 Write-off of inventory due to obsolescence $88,000 Cost of goods sold 858,000 Depreciation expense omitted by accident in 2019 60,500 Selling expenses 71,500 Casualty loss 55,000 Administrative expenses 52,800 Cash dividends declared 49,500 Dividend revenue 22,000 Retained earnings at December 31, 2019 1,078,000 Interest revenue 7,700 Effective tax rate of 20% on all items (a) Your answer is partially correct. Prepare a multiple-step income statement for 2020. Assume that 66,880 shares of common stork are outstanding for the antin Revenue Net Sales Cost of Goods Sold Gross Pront/Loss Operating Expenses Selling Expenses Administrative Expenses Income From Operations Other Revenues and Gairs Write off of Inventory Due to Obsolescence Inventory Canalty Lo 71500 4 52000 88000 55000 1430000 058000 572000 599500 629200 143000 464000 Casualty Loss Income Before Income Tax 55000 143000 486000