The following information is related to Dickinson Company for 2014.
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Retained earnings balance, January 1, 2014
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$992,300
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Sales Revenue
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26,264,000
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Cost of goods sold
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16,201,000
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Interest revenue
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75,100
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Selling and administrative expenses
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4,740,000
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Write-off of goodwill
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839,000
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Income taxes for 2014
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1,427,000
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Gain on the sale of investments (normal recurring)
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120,500
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Loss due to flood damage-extraordinary item (net of tax)
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395,000
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Loss on the disposition of the wholesale division (net of tax)
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442,300
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Loss on operations of the wholesale division (net of tax)
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96,100
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Dividends declared on common stock
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253,900
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Dividends declared on preferred stock
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89,000
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Dickinson Company decided to discontinue its entire wholesale operations and to retain its manufacturing operations. On September 15, Dickinson sold the wholesale operations to Rogers Company. During 2014, there were 493,400 shares of common stock outstanding all year.
Prepare a multiple-step income statement.