GlobalTech Inc. reports the following balances:

• Cash: $60,000
• Accounts Receivable: $35,000
• Inventory: $40,000
• Prepaid Expenses: $5,000
• Accounts Payable: $15,000
• Notes Payable: $25,000
• Long-Term Liabilities: $100,000
• Common Stock: $120,000
• Retained Earnings, beginning of year: $50,000
• Sales Revenue: $300,000
• Cost of Goods Sold: $180,000
• Operating Expenses: $80,000
• Interest Expense: $8,000
• Income Tax Expense: $12,000

Requirements:

1. Calculate the net income for GlobalTech Inc.
2. Determine the current assets.
3. Compute the total liabilities.
4. Calculate the ending retained earnings.