Presented below is information related to Dickinson Company for 2010. Retained

Presented below is information related to Dickinson Company for 2010.
Retained earnings balance January 1 2010

995700

Sales for the year

26425000

Cost of goods sold

16195000

Interest revenue

77600

Selling and administrative expenses

4734200

Write-off of goodwill (not tax deductible)

837600

Income taxes for 2010

966140

Gain on the sale of investments (normal

112500

Loss due to flood damage-extraordinary

397500

Loss on the disposition of the wholesale

445900

Loss on operations of the wholesale

93000

Dividends declared on common stock

253200

Dividends declared on preferred stock

81200

Required:

Prepare a multiple-step income statement and a retained earnings statement. 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 2010 there were 500000 shares of
common stock outstanding all year.