The following information is related to Tamarisk Company for 2020. $1,176,000 Retained earnings balance, January 1, 2020 Sales Revenue 30,000,000 Cost of goods sold 19,200,000 Interest revenue 84,000 Selling and administrative expenses 5,640,000 Write-off of goodwill 984,000 1,492,800 Income taxes for 2020 132,000 Gain on the sale of investments Loss due to flood damage 468,000 Loss on the disposition of the wholesale division (net of tax) 528,000 108,000 Loss on operations of the wholesale division (net of tax) Dividends declared on common stock 300,000 Dividends declared on preferred stock 96,000 Tamarisk Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Tamarisk sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, eg. 1.49.) TAMARISK COMPANY Income Statement For the Year Ended December 31, 2020 For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold Gross Profit/(Loss) Selling and Administrative Expenses Income from Operations Other Revenues and Gains Interest Revenue Gain on the Sale of Investments Other Expenses and Losses Loss from Flood Damage Write-off of Goodwill Income from Continuing Operations Before Income Tax Income Tax Income from Continuing Operations Discontinued Operations Loss on Operations, Net of Applicable Tax Loss on Disposal, Net of Applicable Tax Net Income/(Loss) TAMARISK COMPANY Retained Earnings Statement For the Year Ended December 31, 2020 Retained Earnings, January 1 Net Income /(Loss) Add Less Dividends-Preferred Stock Dividends-Common Stock Retained Earnings, December 31 $