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Skysong Limited is a private corporation reporting under ASPE.At December 31, 2021, its general ledger contained the following summary data: Cost of goods sold $1,220,000 Interest expense 37.900 Interest revenue 15.700 Operating expenses 212,000 Retained earnings, January 1 546,400 Sales 1,643,000 Additional information: 1. In 2021, common share dividends of $24,000 were declared on June 30 and December 31. The dividends were paid on July 8, 2021, and January 8, 2022, respectively. 2. The company's income tax rate is 20%. Record the dividend transactions in 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit June 30 (To record declaration of dividend.) July 8 (To record payment of dividend.) Dec. 31 (To record declaration of dividend.) Determine income tax expense. Income tax expense $ SKYSONG LIMITED Income Statement $ $ Prepare a statement of retained earnings for 2021. (List items that increase retained earnings first.) SKYSONG LIMITED Statement of Retained Earnings $ $

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