multi income statement

Project Description:

the following information is related to dickinson company for 2014:

retained earnings balance jan. 1 2014 980,000
sales revenue 25,000,000
cost of goods sold 16,000,000
interest revenue 70,000
selling and administrative expenses 4,700,000
write off of goodwill 820,000
income tax for 2014 1,244,000
gain on the sale of investments normal recurring 110,000
lost due to flood damage extraordinary item (net of tax) 390,000
loss on the disposition of the wholesale division (net of tax) 440,000
loss on operations of the wholesale division (net of tax) 90,000
dividends declared on common stock 250,000
dividends declared on preferred stock 80,000

dickinson company decided to discontinue its entire wholesale operations and to retain its manufacturing operations. on september 15 dickinson sold the operations to rogers company. during 2014 there were 500,000 shares of common stock outstanding all year.

prepare a multi-step income statement and a retained earnings statement
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Project Budget: $0 to $10
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