Ex. 2XYZCorp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion:

XYZ Corp.

Statement of Financial Position

For the year ended December 31,2020

Current assets

Cash (net of bank overdraft of $39,000) 310000

Accounts receivable (net) 433000

Inventory at the lower of cost and net realizable value 481000

FV-NI investments (at costfair value $170,000) 310000

Property, plant, and equipment

Buildings (net) 720000

Equipment (net) 240000

Land held for future use 275000

Intangible assets

Goodwill 83000

Investment in bonds to collect cash flows, at amortized cost 98000

Prepaid expenses 32000

Current liabilities

Accounts payable 345000

Notes payable (due next year) 255000

Pension obligation 93000

Rent payable 50000

Long-term liabilities

Bonds payable 720000

Shareholders' equity

Common shares, unlimited authorized,320,000issued 320000

Contributed surplus 270000

Retained earnings ?

Instructions: (a) Prepare the statement of financial position using the available information.

Assume that: -The bank overdraft relates to a bank account held at a different bank from the account with the cash balance.

- The accumulated depreciation balance for the buildings is $230,000

- The accumulated depreciation balance for the equipment is $145,000.

- 29,000 The allowance for doubtful accounts has a balance of $29,000.

- The pension obligation is considered a long-term liability

(b) Calculate the Retained Earnings