P4-2 (Income Statement, Retained Earnings) Presented below is information related to Dickinson Company for 2015...
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P4-2 (Income Statement, Retained Earnings) Presented below is information related to Dickinson Company for 2015 Retained eamings balance, January 1, 2015 980,000 Sales revenue 25,000,000 Cost of goods sold 16,000,000 Interest expense 70,000 Selling and administrative expenses 4,700,000 Write-off of goodwill 820,000 Income taxes for 2015 1,244,000 Gain on the sale of investments 110,000 Loss due to fiood damage 390,000 Loss on the disposition of the wholesale division (net of tax) 440,000 Loss on operations of the wholesale division (net of tax) 90,000 Dividends declared on ordinary shares 250,000 Dividends declared on preference shares 80,000 Instructions Prepare an 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 2015, there were 500,000 ordinary shares outstanding all year
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