The following information is related to Coronado Company for 2020. Retained earnings balance, January 1, 2020 $1,097,600 Sales Revenue 28,000,000 Cost of goods sold 17,920,000 Interest revenue 78,400 5,264,000 Selling and administrative expenses Write-off of goodwill 918,400 Income taxes for 2020 1,393,280 Gain on the sale of investments 123,200 Loss due to flood damage 436,800 Loss on the disposition of the wholesale division (net of tax) 492.800 Loss on operations of the wholesale division (net of tax) 100,800 280,000 Dividends declared on common stock Dividends declared on preferred stock 89,600 Coronado Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Coronado sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. Sales Revenue 28000000 Cost of Goods Sold 179200001 Gross Profit/(Loss) 10080000 Selling and Administrative Expenses 5264000 1 Income from Operations 4816000 Other Revenues and Gains Interest Revenue 78400 Gain on the sale of Investments 123200 201600 Other Expenses and Losses Write-off of Goodwill 918400 Loss from Flood Damage 436800 i 1355200 Income from Continuing Operations Before Income Tax 3662400 Income Tax 1393280 Income from Continuing Operations 2269120 Discontinued Operations v Loss on Disposal, Net of Applicable Tax 492800 Loss on Operations. Net of Applicable Tax 1008001 593600 $ Net Income /(Loss) 1675520 Earnings Per Share Income from Continuing Operations $ 4.54 Discontinued Operations Loss on Operations. Net of Applicable Tax $ (0.99) Loss on Disposal, Net of Applicable Tax , (0.2) 119 Net Income/(Loss) 3.35 CORONADO COMPANY Retained Earnings Statement For the Year Ended December 31, 2020 Retained Earnings, January 1 $ 1097600 Add : Net Income /(Loss) 1675520 2773120 Less Dividends-Preferred Stock $ (280,000) Dividends-Common Stock (89,600) -369600 i Retained Earnings. December 31 $ 2403520 e Textbook and Media List of Accounts