Current Attempt in Progress The following information is related to Wildhorse Company for 2020. Retained earnings balance, January 1, 2020 Sales Revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2020 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock $1,215,200 31,000,000 19,840,000 86,800 5,828,000 1,016,800 1,542,560 136,400 483,600 545,600 111,600 310,000 99,200 Wildhorse Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Wildhorse sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. WILDHORSE COMPANY Income Statement For the Year Ended December 31, 2020 Sales Revenue $ 31000000 Cost of Goods Sold 19840000 i Gross Profit/(Loss) 11160000 Selling and Administrative Expenses 5828000 Income from Operations 5332000 Other Revenues and Gains Interest Revenue $ 86800 Gain on the sale of Investments 136400 223200 Other Expenses and Losses Write-off of Goodwill 1016800 Loss from Flood Damage 483600 i Discontinued Operations Loss on Disposal, Net of Applicable Tax 545600 i Loss on Operations, Net of Applicable Tax 111600 657200 i $ Earnings Per Share Income from Continuing Operations Before Income Tax $ Discontinued Operations Loss on Disposal, Net of Applicable Tax $ Loss on Operations, Net of Applicable Tax Net Income /(Loss) $ WILDHORSE COMPANY Retained Earnings Statement $