Income Statement and Statement of Retained Earnings

Karlin Company Information for 2020. CATEGORY Retained earnings , January 1, 2020 2,250,000 Revenues Sales revenue 53,000,000 Cost of goods sold Operating Expenses 33,000,000 Other Revenues Interest revenue 120,000 Other Expenses Selling and administrative expenses 8,900,000 Write-off of goodwill Discontinued operations 2,100,000 Retained Earning Statement Income taxes for 2020 3,650,000 Balance Sheet Loss on the sale of investments 53,000 Not reported in Financial Statement Loss due to hurricane damage 1,100,000 Gain on the disposition of the retail division (net of 23,000 tax) Loss on operations of the retail division (net of tax) 231,000 Dividends declared on common stock 350,000 Dividends declared on preferred stock 125,000 INSTRUCTIONS: 1.FILL OUT CATEGORY COLUMN ABOVE. 2. Prepare a multiple-step income statement 3. Prepare a separate Retained Earnings Statement On September 15, Karlin sold the retail operations to Shark Corp Assume that 60,000 shares of common stock are outstanding