Advertising and Promotion Expenses	$	264,100
Income Tax Expense		56,660
Interest Expense		44,060
Other Expenses		124,000
Other Selling and Administrative Expenses		352,400
Sales Revenue		1,873,300
Salaries and Wages Expense		726,400

1. Calculate the net income for the Green Thumb, Inc. for Year 3.

would the Net Income be: $305,680?

2. Prepare a statement of retained earnings for Green Thumb, Inc. for Year 3. Assume the company had retained earnings of $163,600 as of January 1, Year 3, and paid out $46,160 in dividends during Year 3.