170 Chapter 4 Income Statement and Related Information 6 P4-2 (Income Statement, Retained Earnings) Presented below is information related to Dickinson Company 8 for 2015. Retained earnings balance, January 1, 2015 Sales revenue Cost of goods sold 980,000 25,000,000 Interest expense Selling and administrative expenses Write-off of goodwill Income taxes for 2015 16,000,000 70,000 4,700,000 820,000 1,244,000 Gain on the sale of investments 110,000 Loss due to flood damage 390,000 Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on ordinary shares 440,000 90,000 250,000 Instructions Dividends declared on preference shares 80,000 Prepare an income statement and a retained earnings statement. 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 2015, there were 500,000 ordinary shares outstanding all year.