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Presented below is information related to Concord Corp. for the year $2025.$

$($a$)$

Your answer is correct.

Prepare a multiple$-$step income statement for $2025.$ Assume that $66,880$ shares of common stock are outstanding for the entire year. $($Round earnings per share to $2$ decimal ploces, eg$.1\mathrm{.}49)$

CONCORD CORP.

Income statement

For the Year Ended December $31,2025($b$)$

Your answer is partially correct.

Prepare a separate retained earnings statement for $2025.($List items that increase adjusted retained earnings first.$)$

CONCORD CORP.

Retained Earnings Statement

For the Year Ended December $31,2025$

Retained Earrings, January $1,$ as Reported

Correction for Overstatement of Net Income in Pilar Period

Retained Earrings, January $1,$ as Adjusted

Add $\backslash ($ V $\backslash )$ :

Net Income $/($Loss$)$

Retained Earrings, December $31$

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