The following information is related toCompany for 2020.

Retained earnings balance, January 1, 2020$1,254,400Sales Revenue32,000,000Cost of goods sold20,480,000Interest revenue89,600Selling and administrative expenses6,016,000Write-off of goodwill1,049,600Income taxes for 20201,592,320Gain on the sale of investments140,800Loss due to flood damage499,200Loss on the disposition of the wholesale division (net of tax)563,200Loss on operations of the wholesale division (net of tax)115,200Dividends declared on common stock320,000Dividends declared on preferred stock102,400

multiple-step income statement

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