(Multiple-step Income, Retained Earnings) Presented below is information related to Dickinson Company for 2010. Retained earnings balance, January 1, 2010 $ 980,000 Sales 25,000,000 Cost of goods sold 16,000,000 Interest revenue 70,000 Selling and administrative expenses $4,700,000 Write-off of goodwill 820,000 Income taxes for 2010 1,244,000 Gain on the sale of investments (normal recurring) 110,000 Loss due to flood damageextraordinary item (net of tax) 390,000 Loss on the disposition of the wholesale division (net of tax) 440,000 Loss on operations of the wholesale division (net of tax) 90,000 Dividends declared on common stock 250,000 Dividends declared on preferred stock 80,000 Instructions Prepare a multiple-step income statement and a retained earnings statement. Dickinson Company decided to discontinue its entire wholesale operations and to retain its manufacturing operations. On September 15, Dickinson sold the wholesale operations to Rogers Company. During 2010, there were 500,000 shares of common stock outstanding all year.