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The following information is related to Sandhill Company for 2017. Retained earnings balance, January 1, 2017...

The following information is related to Sandhill Company for 2017.

Retained earnings balance, January 1, 2017 $984,980

Sales Revenue 26,208,100

Cost of goods sold 16,176,000

Interest revenue 80,400

Selling and administrative expenses 4,730,800

Write-off of goodwill 822,700

Income taxes for 2017 1,410,700

Gain on the sale of investments 118,000

Loss due to flood damage 398,500

Loss on the disposition of the wholesale division (net of tax) 443,800

Loss on operations of the wholesale division (net of tax) 93,420

Dividends declared on common stock 274,100

Dividends declared on preferred stock 75,970

Sandhill Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Sandhill sold the wholesale operations to Rogers Company. During 2017, there were 494,700 shares of common stock outstanding all year.

Prepare Multiple Step Income Statment and a Statement of Retained Earnings

Expert Solution

ekkarill92 answered 1 year ago

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