The following information is related to Blue Company for 2020.

Retained earnings balance, January 1, 2020		$1,293,600
Sales Revenue		33,000,000
Cost of goods sold		21,120,000
Interest revenue		92,400
Selling and administrative expenses		6,204,000
Write-off of goodwill		1,082,400
Income taxes for 2020		1,642,080
Gain on the sale of investments		145,200
Loss due to flood damage		514,800
Loss on the disposition of the wholesale division (net of tax)		580,800
Loss on operations of the wholesale division (net of tax)		118,800
Dividends declared on common stock		330,000
Dividends declared on preferred stock		105,600

Blue Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Blue sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.