The following information is related to Concord Company for 2020. Retained earnings balance, January 1, 2020 Sales Revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2020 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock $960,400 24,500,000 15,680,000 68,600 4,606,000 803,600 1,219,120 107,800 382,200 431,200 88,200 245,000 78,400 Concord Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retai manufacturing operations. On September 15, Concord sold the wholesale operations to Rogers Company. During 2020, ther were 500,000 shares of common stock outstanding all year.

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