Current Attempt in Progress The following information is related to Whispering 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 $1,078,000 27,500,000 17,600,000 77,000 5,170,000 902,000 1,368,400 121,000 429,000 484,000 99,000 275,000 88,000 Whispering Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Whispering 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, e.g. 1.49.) WHISPERING COMPANY Income Statement For the Year Ended December 31, 2020 Sales Revenue $ 27,500,000 Cost of Goods Sold (17,600,000) i Gross Profit/(Loss) 9900000 Selling and Administrative Expenses (5,170,000) i Income from Operations 4730000 Other Revenues and Gains Interest Revenue $ 77000 Gain on the Sale of Investments 121000 198000 Other Expenses and Losses Write-off of Goodwill (902,000) i Loss from Flood Damage (429,000) i (1331000) i Income from Continuing Operations Before Income Tax Income Tax 1,368,400 i Income from Continuing Operations Discontinued Operations Loss on Operations, Net of Applicable Tax (484,000) Loss on Disposal, Net of Applicable Tax (99,000) 583000 i Net Income /(Loss) $ Earnings Per Share Net Income / (Loss) $ 5.14 Discontinued Operations Loss on Operations, Net of Applicable Tax $ 0.97 Loss on Disposal, Net of Applicable Tax 0.20 1.17 i Net Income /(Loss) Earnings Per Share Net Income /(Loss) 5.14 Discontinued Operations Loss on Operations, Net of Applicable Tax $ 0.97 Loss on Disposal, Net of Applicable Tax 0.20 1.17 Net Income /(Loss)