Question 18 The following information is related to Novak Company for 2017. Retained earnings balance, January 1, 2017 $997,920 Sales Revenue 26,276,500 Cost of goods sold 16,204,700 Interest revenue 80,500 Selling and administrative expenses 4,747,500 Write-off of goodwill 826,300 Income taxes for 2017 1,345,000 Gain on the sale of investments 117,800 Loss due to flood damage 391,000 Loss on the disposition of the wholesale division (net of tax) 446,800 Loss on operations of the wholesale division (net of tax) 86,050 Dividends declared on common stock 227,100 Dividends declared on preferred stock 75,590 Novak Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Novak sold the wholesale operations to Rogers Company. During 2017, there were 518,000 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.) NOVAK COMPANY IRCES Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.49.) NOVAK COMPANY Income Statement ts by Study udy $ SHOW LIST OF ACCOUNTS Prepare a retained earnings statement. (List items that increase retained earnings first.) NOVAK COMPANY Retained Earnings Statement Y 40 40 Prepare a retained earnings statement. (List items that increase retained earnings first. NOVAK COMPANY Retained Earnings Statement SHOW LIST OF ACCOUNTS dy 40