$ 650,000 1,400,000 240,000 Assignment Question (1): Presented below is information (in thousands) related to Chen Company. Retained earnings, December 31, 2022 Sales revenues Selling and administrative expenses Loss on disposal of division (pre-tax) Cash dividends declared on ordinary shares Cost of goods sold Rent revenue Depreciation expense charge in 2021 not recorded yet(pre-tax) Loss on sale of equipment 290,000 33,600 780,000 520,000 120,000 90,000 10,000 Interest expense Instructions Prepare in good form an income statement and retained earnings statement for the year 2022. Assume a 30% tax rate and that there were 80,000 ordinary shares outstanding during the year