The following information is related to Headland Company for 2017.

Retained earnings balance, January 1, 2017		$996,990
Sales Revenue		26,127,500
Cost of goods sold		16,124,600
Interest revenue		78,600
Selling and administrative expenses		4,784,900
Write-off of goodwill		838,700
Income taxes for 2017		1,398,900
Gain on the sale of investments		115,700
Loss due to flood damage		398,700
Loss on the disposition of the wholesale division (net of tax)		453,400
Loss on operations of the wholesale division (net of tax)		90,320
Dividends declared on common stock		233,400
Dividends declared on preferred stock		75,430

Headland Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Headland sold the wholesale operations to Rogers Company. During 2017, there were 511,000 shares of common stock outstanding all year.

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