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Question - The following information is related to Dickinson Company for 2014.
Retained earnings balance, January 1, 2014
$990,100
Sales Revenue
26,275,000
Cost of goods sold
16,156,000
Interest revenue
73,400
Selling and administrative expenses
4,768,000
Write-off of goodwill
840,900
Income taxes for 2014
1,358,000
Gain on the sale of investments (normal recurring)
115,500
Loss due to flood damage-extraordinary item (net of tax)
394,500
Loss on the disposition of the wholesale division (net of tax)
455,900
Loss on operations of the wholesale division (net of tax)
94,700
Dividends declared on common stock
259,700
Dividends declared on preferred stock
85,000
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 499,200 shares of common stock outstanding all year.
Prepare a multiple-step income statement.
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