P4-2 (Income Statement, Retained Earnings) Presented below is information related to Dickinson Company for 2010. Retained earnings balance, January 1, 2010 Sales Cost of goods sold Interest expense Selling and administrative expenses: Write-off of goodwill. $ 980,000 25,000,000 16,000,000- 70,000 4,700,000 820,000 1,244,000 Income tax for 2010 Gain on the sale of investments 110,000 Loss due to flood damage 5 390,000. Loss on the disposition of the wholesale division (net of tax) 440,000 Loss on operations of the wholesale division (net of tax) Dividends declared on ordinary shares o 90,000 250,000 Dividends declared on preference shares. 80,000 Instructions Prepare an income statement and a retained earnings statement. Dickinson Company decided to discon- tinue its entire wholesale operations and to retain its manufacturing operations. On September 15, Dick- inson sold the wholesale operations to Rogers Company. During 2010, there were 500,000 ordinary shares outstanding all year. 1.886.00 80,000