Question 4 The following information is related to Oriole Company for 2020. Retained earnings balance, January 1, 2020 $1,254,400 Sales Revenue 32,000,000 Cost of goods sold 20,480,000 Interest revenue 89,600 Selling and administrative expenses 6,016,000 Write-off of goodwill 1,049,600 Income taxes for 2020 1,592,320 Gain on the sale of investments 140,800 Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) 563,200 Loss on operations of the wholesale division (net of tax) 115,200 Dividends declared on common stock 320,000 Dividends declared on preferred stock 102,400 Oriole Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Oriole sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. 499,200 ORIOLE COMPANY Income Statement S | A