Problem 4-1 (Part Level Submission) The following information is related to Sheridan Company for 2017. Retained earnings balance, January 1, 2017 Sales Revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2017 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 $983,980 26,111,200 16,270,700 78,300 4,791,200 839,300 1,430,000 112,800 399,900 456,100 97,110 248,900 87,900 Sheridan Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Sheridan sold the wholesale operations to Rogers Company. During 2017, there were 547,900 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.) SHERIDAN COMPANY Income Statement For the Year Ended December 31, 2017 TSales Revenue 26111200 TCost of Goods Sold (16270700) TGross Profit/ (Loss) 9840500 Selling and Administrative Expenses (4791200) 5049300 Tincome from Operations TOther Revenues and Gains T Interest Revenue 78300 T Gain on the sale of Investments 112800 T 191100 Other Expenses and Losses * Write-off of Goodwill 5240400 T Loss from Flood Damage (839300) 4401100 143000 Tincome from Continuing Operations Before Income Tax Income Tax 2971100 TIncome from Continuing Operations Discontinued Operations Loss on Disposal, Net of Tax 2309470 T Loss on Operations, Net of Tax v 391300 1918170 Income from Continuing Operations Before Income Tax 502700 TT Other Expenses and Losses Net Income / (Loss) Earnings Per Share TLoss on Operations, Net of Tax TLoss from Flood Damage TNet Income / (Loss)