A multiple-step income statement

Reference no: EM13914215

The following information is related to Dickinson Company for 2014.

Retained earnings balance, January 1, 2014		$992,300
Sales Revenue		26,264,000
Cost of goods sold		16,201,000
Interest revenue		75,100
Selling and administrative expenses		4,740,000
Write-off of goodwill		839,000
Income taxes for 2014		1,427,000
Gain on the sale of investments (normal recurring)		120,500
Loss due to flood damage-extraordinary item (net of tax)		395,000
Loss on the disposition of the wholesale division (net of tax)		442,300
Loss on operations of the wholesale division (net of tax)		96,100
Dividends declared on common stock		253,900
Dividends declared on preferred stock		89,000

Dickinson Company decided to discontinue its entire wholesale operations and to retain its manufacturing operations. On September 15, Dickinson sold the wholesale operations to Rogers Company. During 2014, there were 493,400 shares of common stock outstanding all year.

Prepare a multiple-step income statement.

Reference no: EM13914215

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