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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