Presented below is information related to Dickinson

Company for
Presented below is information related to Dickinson Company for 2012.Retained earnings
balance, January 1, 2012 $ 980,000Sales revenue 25,000,000Cost of goods sold
16,000,000Interest revenue 70,000Selling and administrative expenses 4,700,000Write-off of
goodwill 820,000Income taxes for 2012 1,244,000Gain on the sale of investments (normal
recurring) 110,000Loss due to fl ood damage—extraordinary item (net of tax) 390,000Loss on
the disposition of the wholesale division (net of tax) 440,000Loss on operations of the wholesale
division (net of tax) 90,000Dividends declared on common stock 250,000Dividends declared on
preferred stock 80,000InstructionsPrepare 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 2012, there were 500,000 shares of common stock
outstanding all year.View Solution:
Presented below is information related to Dickinson Company for
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