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Can you please explain me how to calculate. Thank you Chapter 4-Income statement Presented below is information (in thousands) related to Chen Company. Retained earnings,

image text in transcribedCan you please explain me how to calculate. Thank you

Chapter 4-Income statement Presented below is information (in thousands) related to Chen Company. Retained earnings, December 31, 2014 Y 650,0o0 Sales revenue Selling and administrative expenses Loss on disposal of component (pre-tax) Cash dividends declared on ordinary shares Cost of goods sold Gain resulting from computation error on depreciation charge in 2013 (pre-tax) Rent revenue Impairment loss Interest expense 1,400,00o 240,000 260,000 33,600 830,000 520,000 120,000 90,000 10,000 Instructions Prepare in good form an income statement for the year 2015. Assume a 30% tax rate and that there were 70,000 ordinary shares outstanding during the year

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