Given the following information for Smashville, Inc., construct an income statement for the year. Cost of goods sold: Investment income: Net sales: Operating expense: Interest expense: Dividends: Tax rate: $179,000 $1,500 $660,000 $78,000 $7,400 $12,000 218 What are retained earnings for the year? (Input all amounts as positive values.) Sales Cost of goods sold Gross profit Operating expense Operating income Investment income Investment expense 660,000 179,000 $ 481,000 78,000 $ 403,000 1,500 7,400 Pretax income Income taxes Net income 0 Dividends $ 12,000 Retained earnings $ -12,000