The following information is related to Dickinson Company for $2020.$Retained earnings balance, January $1,2020$ $$900,000$Sales Revenue $22,111,300$Cost of goods sold $15,875,300$Interest expense $135,300$Selling expenses $1,501,300$Administrative expenses $1,887,350$Loss on write$-$down of inventory $315,000$Interest revenue $269,000$Income tax expense $1,023,150$Gain on the sale of equipment $224,800$Loss on operations of the wholesale division $($net of tax$)755,200$Loss on the disposition of the wholesale division $($net of tax$)781,200$Dividends declared on preferred stock $101,800$Dividends declared on common stock $255,600$ 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. Required:Prepare a multiple$-$step income statement in good form. Do not calculate earnings per share information.

Answer rating: 100% (QA)

Here is a multiplestep income statement for Dickinson Company for the year 2020 Dickins... View the full answer