Presented below is financial information of the Mickey Corporation for 2008 B

Presented below is financial information of the Mickey Corporation for 2008
Beginning Retained Earnings 1/1/08 $950000
Gain on the Sale of Investments (normal recurring) $110000
Sales for the Year $30000000
Loss Due to Flood Damage (unusual & infrequent) $125000*
Cost of Goods Sold $21000000
Loss on Disposal of Retail Division $450000
Interest Revenue $70000
Loss on Operations of Retail Division $460000
Selling and Administrative Expenses 5500000
Dividends Declared on Common Stock $230000
Write-Off of Goodwill $520000
Dividends Declared on Preferred Stock $80000
Federal Income Tax on Operations for 2008 1600000 *net of tax Mickey Corporation decided to discontinue its retail operations and to retain its manufacturing operations. On August 15 Mickey sold the retail operations to
Schoen Company. During 2008 there were 250000 shares of common stock outstanding all year. Prepare a multiple-step income statement for the year 2008 on a separate Excel spreadsheet as directed in the Problem Set 1 directions.