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Current Attempt in Progress The following information is related to Whispering Company for 2020. Retained earnings balance, January 1, 2020 Sales Revenue $1,078,000 27,500,000 Cost
Current Attempt in Progress The following information is related to Whispering Company for 2020. Retained earnings balance, January 1, 2020 Sales Revenue $1,078,000 27,500,000 Cost of goods sold 17,600,000 Interest revenue 77,000 Selling and administrative expenses 5,170,000 Write-off of goodwill 902,000 Income taxes for 2020 1,368,400 Gain on the sale of investments 121,000 Loss due to flood damage 429,000 Loss on the disposition of the wholesale division (net of tax) 484,000 Loss on operations of the wholesale division (net of tax) 99.000 Dividends declared on common stock Dividends declared on preferred stock 275,000 88,000 Whispering Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.49.) WHISPERING COMPANY Income Statement For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold Gross Profit/(Loss) Selling and Administrative Expenses Income from Operations Other Revenues and Gains Interest Revenue 77000 Gain on the Sale of Investments 121000 27500000 17600000 9900000 $170000 4730000 198000 Other Expenses and Losses Write-off of Goodwill Loss from Flood Damage Income from Continuing Operations Before Income T Income Tax Income from Continuing Operations Discontinued Operations Loss on Operations Net of Applicable Ta Less on Disposal, Not of Applicable T Net incone/ 902000 429000 190000 1331000 1368-400 138400 Los on Uperations, Net ot Applicable Tax Loss on Disposal, Net of Applicable Tax Net Income/(Loss) Earnings Per Share Income from Continuing Operations Discontinued Operations Loss on Operations, Net of Applicable Tax Loss on Disposal. Net of Applicable Tax Net Income/Lo $ 1368400 1.17
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