The following information is related to Dickinson Company for 2014.
Retained earnings balance, January 1, 2014 $997,600
Sales Revenue 26,170,000
Cost of goods sold 16,106,000
Interest revenue 74,100
Selling and administrative expenses 4,712,000
Write-off of goodwill 828,100
Income taxes for 2014 1,434,000
Gain on the sale of investments (normal recurring) 111,900
Loss due to flood damage-extraordinary item (net of tax) 397,900
Loss on the disposition of the wholesale division (net of tax) 458,300
Loss on operations of the wholesale division (net of tax) 92,100
Dividends declared on common stock 254,300
Dividends declared on preferred stock 84,000
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 2014, there were 494,500 shares of common stock outstanding all year.
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(a1)
Prepare a multiple-step income statement.
Prepare a single income statement