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The following information is related to Whispering Company for 2020. Retained earnings balance, January 1, 2020$1,078,000...

The following information is related to Whispering Company for 2020.

Retained earnings balance, January 1, 2020$1,078,000

Sales Revenue27,500,000

Cost of goods sold17,600,000

Interest revenue77,000

Selling and administrative expenses5,170,000

Write-off of goodwill902,000

Income taxes for 2020 1,368,400

Gain on the sale of investments121,000

Loss due to flood damage429,000

Loss on the disposition of the wholesale division (net of tax)484,000

Loss on operations of the wholesale division (net of tax)99,000

Dividends declared on common stock275,000

Dividends declared on preferred stock88,000

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

Expert Solution

ekkarill92 answered 1 year ago

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