Partial adjusted trial balance data for Kwun Photos is presented in BE3.11. Prepare a retained earnings statement for the year assuming net income is ₩14,200 for the year and Retained Earnings is ₩7,240 on January 1 (amounts in thousands).

BE3.11

The adjusted trial balance of Kwun Photos at December 31, 2025, includes the following accounts: Share Capital—Ordinary ₩16,400, Dividends ₩7,000, Service Revenue ₩39,000, Salaries and Wages Expense ₩16,000, Insurance Expense ₩2,000, Rent Expense ₩4,000, Supplies Expense ₩1,500, and Depreciation Expense ₩1,300. Prepare an income statement for the year (amounts in thousands).