Problem 4-01 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. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.49.) CORONADO COMPANY Income Statement For the Year Ended December 31, 2020 Sales Revenue 28000000 T Cost of Goods Sold 17920000 T Gross Profit / (Loss) 10080000 T Selling and Administrative Expenses 5264000 Income from Operations 4816000 Other Revenues and Gains 1 Interest Revenue I T 78400 123200 T Gain on the sale of Investments 201600 TOther Expenses and Losses T Write-off of Goodwill 918400 Income Tax 1393280 2311680 IX I RIBIRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR Income from Continuing Operations Before Income Tax Income Tax 1393280 T Income from Continuing Operations T Discontinued Operations T Loss on Disposal, Net of Applicable Tax 492800 T Loss on Operations, Net of Applicable Tax 100800 593600 . . .... Discontinued Operations Other Expenses and Losses Other Expenses and Losses | Loss on Operations, Net of Applicable Tax Loss from Flood Damage Net Income / (Loss) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare a retained earnings statement. (List items that increase retained earnings first.) CORONADO COMPANY Retained Earnings Statement For the Year Ended December 31, 2020 Retained Earnings, January 1 Add IT Net Income / (Loss) Dividends-Preferred Stock Dividends-Common Stock CORONADO COMPANY Retained Earnings Statement For the Year Ended December 31, 2020 - T Retained Earnings, January 1 ) TAdd . Net Income / (Loss) Add Net Income / (Loss) 7 Less :) Dividends-Preferred Stock T Dividends-Common Stock A T Retained Earnings, December 31 A Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS