The following information is related to Culver Company for 2017.
| Retained earnings balance, January 1, 2017 |
$993,500 |
| Sales Revenue |
26,295,800 |
| Cost of goods sold |
16,178,300 |
| Interest revenue |
77,200 |
| Selling and administrative expenses |
4,782,400 |
| Write-off of goodwill |
826,200 |
| Income taxes for 2017 |
1,432,800 |
| Gain on the sale of investments |
118,300 |
| Loss due to flood damage |
391,200 |
| Loss on the disposition of the wholesale division (net of tax) |
454,100 |
| Loss on operations of the wholesale division (net of tax) |
94,950 |
| Dividends declared on common stock |
248,600 |
| Dividends declared on preferred stock |
82,060 |
Culver Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Culver sold the wholesale operations to Rogers Company. During 2017, there were 492,600 shares of common stock outstanding all year. |
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