ASSIGNMENT 1 CHAPTER 4: INCOME STATEMENT AND RELATED INFORMATION INTERMEDIATE ACCOUNTING (ACC310) SEMESTER 1, 2023-2024 Presented below is information related to Dickinson AG for 2022. Retained earnings balance, January 1, 2022 980,000 Sales revenue 25,000,000 Cost of goods sold 16,000,000 Interest expense 70,000 Selling and administrative expenses 4,700,000 Write-off of inventory loss due to stock obsolesces 820,000 Income taxes 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) 440,000 Loss on operations of the wholesale division (net of tax) 90,000 Dividends declared on ordinary shares 250,000 Dividends declared on preference shares Depreciation expense omitted by accident in 2021 REQUIRED: 80,000 80,000 Prepare an income statement and a retained earnings statement. Dickinson 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 2022, there were 500,000 ordinary shares outstanding all year.