Calvin, Inc. had a retained earnings balance of $365,200 at the beginning of 2021 . For the year ended December 31,2021 , the company calculated income from continuing operations before taxes at $150,500. The following additional information, none of which has been considered in the above, is also available: 1) The company declared and paid a $0.72 per share cash dividend on the 30,000 shares of common stock outstanding for the entire year. 2) The company found a $48,000 (before tax) understatement of the 2020 depreciation expense, due to a mathematical error. 3) The company incurred a $21,000 (before tax) loss as a result of an earthquake, which was unusual and infrequent for the area. 4) The company sold Division R (a segment of its business) in May 2021 . From January through May, Division R had incurred a before tax loss from operations of $33,000. A before tax gain of $15,000 was recognized on the sale of Division R. 5) Because of additional information, the company determined that the estimated life of certain depreciable assets had decreased. As a result, the current depreciation expense included in the 2021 income from operations before taxes is $7,000 higher than it would have been had the original estimated useful life been used in the calculations. REQUIRED: 1) Complete the lower portion of Calvin's 2021 income statement, beginning with "Income From Continuing Operations Before Taxes". Assume an income tax rate of 30% on all items. 2) Prepare a statement of retained earnings for the year ended December 31, 2021