please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Presented below is information related to Ivan Calderon Corp. for the year 2025.Net sales $1,560,000Cost of goods sold 936,000Selling expenses 78,000Administrative expenses 57,600Dividend revenue 24,000Interest revenue 8400Write-off of inventory due to obsolescence $96,000Depreciation expense omitted by accident in 2024 66000Casualty loss 60,000Cash dividends declared 54,000Retained earnings at December 31, 2024 1,176,000Effective tax rate of all items 20%InstructionsPrepare a multiple-step income statement for 2025. Assume that 72960 shares of common stock are outstanding for the entire year.Prepare a separate retained earnings statement for 2025.

When opposed to a single-step income statement, which simply shows total sales and total costs, a…

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Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....

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please answer within the format by providing formula the detailed working
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)

Presented below is information related to Ivan Calderon Corp. for the year 2025.

Net sales		$1,560,000
Cost of goods sold		936,000
Selling expenses		78,000
Administrative expenses		57,600
Dividend revenue		24,000
Interest revenue		8400
Write-off of inventory due to obsolescence		$96,000
Depreciation expense omitted by accident in 2024		66000
Casualty loss		60,000
Cash dividends declared		54,000
Retained earnings at December 31, 2024		1,176,000
Effective tax rate of all items		20%

Instructions

Prepare a multiple-step income statement for 2025. Assume that 72960 shares of common stock are outstanding for the entire year.
Prepare a separate retained earnings statement for 2025.

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