During the year, a corporation had sales of $800,000 operating expenses of $100,000, income tax expense of $200,000 and it declared and paid dividends of $250,000. The company began the year with retained earnings of $150,000.

a. What was the corporation's net income for the year? Use an Excel formula to do your calculation.

b. What was the corporation's operating profit for the year? Use an Excel formula to do your calculation.

c. What was the amount of retained earnings at the end of the year? Use an Excel formula to do your calculation.