18.

19.

20.

For the year ending December 31, 2020, Sunland Inc. reports net income $150,000 and cash dividends $90,000. Determine the balance in retained earnings at December 31, assuming the balance in retained earnings on January 1, 2020, was $225.000 Balance in retained earnings $ The following information is available for Sheridan Corporation for the year ended December 31, 2020: cost of goods sold $208,000, sales revenue $434,000, other revenues and gains $51,000, and operating expenses $76,000. Assuming a corporate tax rate of 30%, prepare an income statement for the company. SHERIDAN CORPORATION Income Statement