The following information is related to Dickinson Company for 2020. $980,000 Retained earnings balance, January 1, 2020 110,000 Gain on the sale of investments 25,000,000 Net sales 16,000,000 Cost of goods sold 550,000 Loss on disposal of wholesale division 70,000 Interest revenue 112,500 Loss on operations of wholesale division 4,700,000 Selling and administrative expenses 250,000 Dividends declared on common stock 820,000 Write off of goodwill 81,000 Dividends declared on preferred stock Loss due to flood damage 390,000 Effective tax rate on all items is 20% Dickinson Company decided to discontinue its entire wholesale operations and to retain their manufacturing operations. On July 1, Martin sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. Instructions a. Prepare a multiple-step income statement for 2020 (in good form). b. Assuming net income for 2020 is $2,053,500 and that income of $118,750 was omitted in error from the 2019 income statement, prepare a retained earnings statement in good form for 2020