The following information is related to Sheffield Company for 2020. Retained earnings balance, January 1, 2020 $1,195,600 Sales Revenue 30,500,000 Cost of goods sold 19,520,000 Interest revenue 85,400 Selling and administrative expenses 5,734,000 Write-off of goodwill 1,000,400 Income taxes for 2020 1,517,680 Gain on the sale of investments 134,200 Loss due to flood damage 475,800 Loss on the disposition of the wholesale division (net of tax) 536,800 Loss on operations of the wholesale division (net of tax) 109,800 Dividends declared on common stock 305,000 Dividends declared on preferred stock 97,600 Sheffield Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Sheffield sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.