Prepare a retained earnings statement. (List items that increase retained earnings first.)

Retained earnings balance, January 1, 2020 $1,372,000 Sales Revenue 35,000,000 Cost of goods sold 22,400,000 Interest revenue 98,000 Selling and administrative expenses 6,580,000 Write-off of goodwill 1,148,000 Income taxes for 2020 1,741,600 Gain on the sale of investments 154,000 Loss due to flood damage 546,000 Loss on the disposition of the wholesale division (net of tax) 616,000 Loss on operations of the wholesale division (net of tax) 126,000 Dividends declared on common stock 350,000 Dividends declared on preferred stock 112,000 Loss on the disposition of the wholesale division (net of tax) 616,000 Loss on operations of the wholesale division (net of tax) 126,000 Dividends declared on common stock 350,000 Dividends declared on preferred stock 112,000 Skysong Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Skysong sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year