The following information is related to Vaughn Company for 2020. Retained earnings balance, January 1, 2020   $1,156,400 Sales Revenue   29,500,000 Cost of goods sold   18,880,000 Interest revenue   82,600 Selling and administrative expenses   5,546,000 Write-off of goodwill   967,600 Income taxes for 2020   1,467,920 Gain on the sale of investments   129,800 Loss due to flood damage   460,200 Loss on the disposition of the wholesale division (net of tax)   519,200 Loss on operations of the wholesale division (net of tax)   106,200 Dividends declared on common stock   295,000 Dividends declared on preferred stock   94,400 Vaughn Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Vaughn sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.   Partially correct answer iconYour answer is partially correct. Prepare a multiple-step income statement.

The following information is related to Vaughn Company for 2020.

Retained earnings balance, January 1, 2020   $1,156,400
Sales Revenue   29,500,000
Cost of goods sold   18,880,000
Interest revenue   82,600
Selling and administrative expenses   5,546,000
Write-off of goodwill   967,600
Income taxes for 2020   1,467,920
Gain on the sale of investments   129,800
Loss due to flood damage   460,200
Loss on the disposition of the wholesale division (net of tax)   519,200
Loss on operations of the wholesale division (net of tax)   106,200
Dividends declared on common stock   295,000
Dividends declared on preferred stock   94,400

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

 

Partially correct answer iconYour answer is partially correct.

Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.49.)
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