Business, 01.06.2021 01:00 nickp1233

The following information is related to Novak Company for 2020. Retained earnings balance, January 1, 2020 $1,352,400
Sales Revenue 34,500,000
Cost of goods sold 22,080,000
Interest revenue 96,600
Selling and administrative expenses 6,486,000
Write-off of goodwill 1,131,600
Income taxes for 2020 1,716,720
Gain on the sale of investments 151,800
Loss due to flood damage 538,200
Loss on the disposition of the wholesale
division (net of tax) 607,200
Loss on operations of the wholesale
division (net of tax) 124,200
Dividends declared on common stock 345,000
Dividends declared on preferred stock 110,400
Novak Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Novak sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.
(a) Prepare a multiple-step income statement.
(b) Prepare a retained earnings statement.

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