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Current Attempt in Progress The following information is related to Concord Company for 2020. Retained earnings balance, January 1, 2020 $960,400 Sales Revenue 24,500,000 Cost

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Current Attempt in Progress The following information is related to Concord Company for 2020. Retained earnings balance, January 1, 2020 $960,400 Sales Revenue 24,500,000 Cost of goods sold 15,680,000 Interest revenue 68,600 Selling and administrative expenses 4,606,000 Write-off of goodwill 803,600 Income taxes for 2020 1,219,120 Gain on the sale of investments 107,800 Loss due to flood damage 382,200 Loss on the disposition of the wholesale division (net of tax) 431.200 Loss on operations of the wholesale division (net of tax) 88,200 Dividends declared on common stock 245,000 Dividends declared on preferred stock 78.400 Concord Company decided to discontinue its entire wholesale operations considered a discontinued operation) and to retain its manufacturing operations. On September 15, Concord sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year, Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, eg. 1.49.) CONCORD COMPANY Income Statement For the Year Ended December 31, 2020 Sales Revenue 24500000 Cost of Goods Sold 15680000 Gross Profit/(loss! 8820000 Selling and Administrative Expenses 4606000 Income from Operations 4214000 Other Revenues and Gains Interest Revenue $ 68600 Gain on the sale of investments 107800 176400 Other Expenses and losses Write-off of Goodwill 803600 Other Revenues and Gains $ 68600 Interest Revenue Gain on the sale of Investments 107800 176400 Other Expenses and Losses Write-off of Goodwill 803600 Income Tax 1219120 2022720 2367680 Income from Continuing Operations Loss on Operations, Net of Applicable Tox > $ > V $ $ Net Income /(Loss) $ Prepare a retained earnings statement. (List items that increase retained earnings first.) CONCORD COMPANY Retained Earnings Statement $ $

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