Problem 4-01 The following information is related to Windsor 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 $1,019,200 26,000,000 16,640,000 72,800 4,888,000 852,800 1,293,760 114,400 405,600 457,600 93,600 260,000 83,200 Windsor Company decided to discontinue its entire wholesale operations considered a discontinued operation) and to retain its manufacturing operations. On September 15, Windsor sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. Your answer is partially correct. Try again. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.49.) WINDSOR COMPANY Income Statement For the Year Ended December 31, 2020 "Sales Revenue 26000000 Cost of Goods Sold 16640000 TGross Profit/ (Loss) 93600001 T Selling and Administrative Expenses 4888000 TIncome from Operations 4472000 TOther Revenues and Gains T Interest Revenue 72800 T Gain on the sale of Investments 114400 187200 TOther Expenses and Losses T Write-off of Goodwill T 852800 T Loss from Flood Damage 405600 1258400 TIncome from Continuing Operations Before Income Tax 1445600 Income Tax T 1293760 TT Income from Continuing Operations Before Income Tax | 151840 Discontinued Operations T Loss on Disposal, Net of Applicable Tax 457600 T Loss on Operations, Net of Applicable Tax 93600] 551200 T Net Income / (Loss) 703040 TEarnings Per Share Income from Continuing Operations Discontinued Operations T Loss on Operations, Net of Applicable Tax -457600 T Loss on Disposal, Net of Applicable Tax -93600 IL TNet Income / (Loss) Your answer is partially correct. Try again. Prepare a retained earnings statement. (List items that increase retained earnings first.) WINDSOR COMPANY Retained Earnings Statement TRetained Earnings, January 1 1019200 Add I. Dividends-Common Stock 4143360 T Dividends-Preferred Stock 83200 Y Dividends-Common Stock I T 260000 343200 T Retained Earnings, January 1