The following information is related to Dickinson Company for the year ended December 31, 2020. Retained earnings balance, January 1, 2020 $980,000 Sales revenue 25,000,00 0 Cost of goods sold 16,000,00 0 Gain on life insurance proceeds 70,00 Selling, general, and administrative expenses 4,700,000 Write-off of goodwill 820,000 Gain on the sale of investments 110,000 Loss due to write-down of inventory to NRV 390,000 Loss on the disposition of the wholesale division 530,000 Income tax rate 30% Dividends declared on common stock 250,000 Dividends declared on preferred stock 80,000 Common shares outstanding 500,000 Dickinson Company decided to discontinue and sell its entire wholesale operations. The disposal is considered a discontinued operation. Instructions: Prepare a retained earnings statement