Problem 4-1 (Part Level Submission) The following information is related to Dickinson Company for 2014. Retained earnings balance, January 1, 2014 $990,000 Sales Revenue 26,163,000 Cost of goods sold 16,125,000 Interest revenue 79,800 Selling and administrative expenses 4,743,000 Write-off of goodwill 839,900 Income taxes for 2014 1,403,000 Gain on the sale of investments (normal recurring) 118,900 Loss due to flood damageextraordinary item (net of tax) 394,900 Loss on the disposition of the wholesale division (net of tax) 453,100 Loss on operations of the wholesale division (net of tax) 96,000 Dividends declared on common stock 256,100 Dividends declared on preferred stock 81,300 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 490,400 shares of common stock outstanding all year.