PREPARE A MULTI-STEP INCOME STATEMENT AND RETAINED EARNINGS STATEMENT

The following information is related to Coronado Company for 2020.

Retained earnings balance, January 1, 2020 $1,097,600

Sales Revenue 28,000,000

Cost of goods sold 17,920,000

Interest revenue 78,400

Selling and administrative expenses 5,264,000

Write-off of goodwill 918,400

Income taxes for 2020 1,393,280

Gain on the sale of investments 123,200

Loss due to flood damage 436,800

Loss on the disposition of the wholesale division (net of tax) 492,800

Loss on operations of the wholesale division (net of tax) 100,800

Dividends declared on common stock 280,000

Dividends declared on preferred stock 89,600

Coronado Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Coronado sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.

The following information is related to Coronado Company for 2020. Retained earnings balance, January 1, 2020 Sales Revenue Cost of goods sold 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 $1.097,600 28,000,000 17.920,000 78.400 5.264,000 918.400 1,393,280 123.200 436.800 492.800 100.800 280.000 89,600 Coronado Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Coronado sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year