Presented below is information related to Dickinson Company for 2015.

Retained earnings balance, January 1, 2015 € 980,000
Sales revenue 25,000,000
Cost of goods sold 16,000,000
Interest expense 70,000
Selling and administrative expenses 4,700,000
Write-off of goodwill 820,000
Income taxes for 2015 1,244,000
Gain on the sale of investments 110,000
Loss due to fl ood damage 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 ordinary shares 250,000
Dividends declared on preference shares 80,000

Instructions
Prepare an 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 2015, there were 500,000 ordinary shares outstanding all year.