The following information is related toBlossomCompany for 2020.

Prepare an Income Statement

Retained earnings balance, January 1, 2020 $1,313,200

Sales Revenue 33,500,000

Cost of goods sold 21,440,000

Interest revenue 93,800

Selling and administrative expenses 6,298,000

Write-off of goodwill 1,098,800

Income taxes for 2020 1,666,960

Gain on the sale of investments 147,400

Loss due to flood damage 522,600

Loss on the disposition of the wholesale division (net of tax) 589,600

Loss on operations of the wholesale division (net of tax) 120,600

Dividends declared on common stock 335,000

Dividends declared on preferred stock 107,200

BlossomCompany decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15,Blossomsold the wholesale operations to Rogers Company. During 2020, there were500,000shares of common stock outstanding all year.