Chapter 04 Homework - Income Statement 4. Multiple-step income statement with discontinued operations The following information is related to Dickinson Company for the year ended December 31, 2020. Retained earnings balance, January 1, 2020 Sales revenue Cost of goods sold Gain on life insurance proceeds Selling, general, and administrative expenses Write-off of goodwill Gain on the sale of investments Loss due to write-down of inventory to NRV Loss on the disposition of the wholesale division Income tax rate Dividends declared on common stock Dividends declared on preferred stock Common shares outstanding $980,000 25,000,000 16,000,000 70,000 4,700,000 820,000 110,000 390,000 530,000 30% 250,000 80,000 500,000 Dickinson Company decided to discontinue and sell its entire wholesale operations. The disposal is considered a discontinued operation. Instructions: Prepare a multiple-step income statement. Round earnings per share to 2 decimal places