P4-1 (Multiple-Step Income, Retained Earnings) The following information is related to Dickinson Company for 2014 Retained earnings balance, January 1, 2014 Sales revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2014 Gain on the sale of investments (normal recurring) Loss due to flood damage-extraordinary item (net of tax) Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) $ 980,000 25,000,000 16,000,000 70,000 4,700,000 820,000 1,244,000 110,000 390,000 440,000 90,000 Problems 19 Dividends declared on common stock $250.000 Dividends declared on preferred stock 80,000 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 2014 there were 500,000 shares of common stock outstanding all year. Instructions Prepare a multiple-step income statement and a retained earnings statement