The following information is related to Dickinson Company for 2020. Retained earnings balance, January 1, 2020 Sales revenue Cost of goods sold $ 980,000 25,000,000 16,000,000 70,000 4,700,000 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 820,000 1,244,000 110,000 390,000 440,000 90,000 250,000 80,000 Dickinson Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Dickinson sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. Instructions Prepare a multiple-step income statement and a retained earnings statement.