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Problem 4-01 The following information is related to Dickinson 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 $980,000 25,000,000 16,000,000 70,000 4,700,000 820,000 1,244,000 110,000 390,000 440,000 90,000 250,000 80,000 Dickinson Company decided to discontinue its entire wholesale operations considered a discontinued operation) and to retain its manufacturing operations. On September 15, Dickinson sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. DICKINSON COMPANY Income Statement For the Year Ended December 31, 2020 T Sales Revenue 7 25,000,000 TCost of Goods Sold 16,000,000 TGross Profit / (Loss) 9,000,000 Selling and Administrative Expenses 4,700,000 TIncome from Operations 4,300,000 TOther Revenues and Gains T Interest Revenue 70,000 T Gain on the sale of Investments 110,000 180,000 TOther Expenses and Losses T Write-off of Goodwill 820,000 T Loss from Flood Damage 390,000 1,210,000 TIncome from Continuing Operations Before Income Tax 2,910,000 Income Tax 1,244,000 Income from Continuing Operations 1,666,000 T Discontinued Operations T Loss on Operations, Net of Applicable Tax 90,000 T Loss on Disposal, Net of Applicable Tax 440,000 530,000 T Net Income /(Loss) 1136000 TEarnings Per Share Discontinued Operations TOther Expenses and Losses TLoss on Disposal, Net of Applicable Tax Gain on the sale of Investments 1,706,000 1 .78 TNet Income / (Loss) 2.83 DICKINSON COMPANY Retained Earnings Statement For the Year Ended December 31, 2020 T Retained Earnings, January 1 980,000 Cadd 2 Net Income / (Loss) 1,316,000 2296000 Dividends-Preferred Stock 80,000 2 Dividends-Common Stock T 2 50.000 330000 TRetained Earnings, December 31 1,966,000