A list of Year 3 revenues and expenses for Green Thumb, Inc. is provided below.

Advertising and Promotion Expenses	$	262,900
Income Tax Expense		56,540
Interest Expense		43,940
Other Expenses		122,800
Other Selling and Administrative Expenses		351,200
Sales Revenue		1,867,300
Salaries and Wages Expense		725,200

Required:
a.	Calculate the net income for the Green Thumb, Inc. for Year 3.

b.	Prepare a statement of retained earnings for Green Thumb, Inc. for Year 3. Assume the company had retained earnings of $162,400 as of January 1, Year 3, and paid out $46,040 in dividends during Year 3.