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:

$$119,000$

$$2,300$

$$292,000$

$$40,000$

$$7,400$

$$11,000$

$21\%$

What are retained earnings for the year? $($Input all amounts as positive values.$)$

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