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(Solved): The Following Information Is Related To Concord Company For 2020. Retained Earnings Balance, January ...

The following information is related to Concord Company for 2020.

Retained earnings balance, January 1, 2020 $960,400
Sales Revenue 24,500,000
Cost of goods sold 15,680,000
Interest revenue 68,600
Selling and administrative expenses 4,606,000
Write-off of goodwill 803,600
Income taxes for 2020 1,219,120
Gain on the sale of investments 107,800
Loss due to flood damage 382,200
Loss on the disposition of the wholesale division (net of tax) 431,200
Loss on operations of the wholesale division (net of tax) 88,200
Dividends declared on common stock 245,000
Dividends declared on preferred stock 78,400

Concord Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Concord sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.

Prepare a multi step income statement and retained earnings statement

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