Barrie Corporation began operations at the start of 2020. During the year, it made cash and credit sales totaling $896,000 and collected $745,000 in cash from its customers. It purchased inventory costing $458,000, paid $32,000 for dividends and the cost of goods sold was $395,000. The corporation also incurred the following expenses:

Wages expense	155,000
Interest expense	10,000
Rent expense	56,000

a. How much net income did Barrie Corporation make in 2020? Show your calculations. (2 marks)

b. Based on the above information how much accounts receivable and retained earnings will be recorded on its Statement of Financial Position for 2020? Show your calculations. (4 marks)