how did you get the net income (52300)? I understand everything else, it would only take one minute of your time

ACC301: Graded Homework Assignments #2 Each module in this course has a Graded Homework component. The solutions to the two assigned Problems for each module are to be submitted to the appropriate Dropbox no later than Sunday at 11:59 PM EST/EDT. Please submit your work using either Word or Excel. If you have any further questions, please contact your instructor. Module 2: P46 (Retained Earnings Statement, Prior Period Adjustments) Below is the Retained Earnings account for the year 2014 for Acadian Corp. instructions: Prepare a corrected retained earnings statement. Acadian Corp. normally sells investments of the type a. mentioned above. FIFO inventory was used in 2014 to compute net income. State where the items that do not appear in the corrected retained earnings statement should be shown. b. Retained earnings, January 1, 2014 Add: Gain on Sale of Investments (net of tax) Net Income Refund on Litigation with Government, related to the year 2011 (net of tax) Recognition of Income Earned in 2013, but omitted from Income Statement in that year (net of tax) $ 257,600.00 $ 41,200.00 84,500.00 21,600.00 25,400.00 172,700.00 430,300.00 Deduct: Loss on Discontinued Operations (net of tax) Writeoff of Goodwill (net of tax) Cumulative Effect on Income of prior years in changing from LIFO to FIFO Inventory Valuation in 2014 (net of tax) Cash Dividends Declared Retained Earnings, December 31, 2014 35,000.00 60,000.00 23,200.00 32,000.00 150,200.00 $ 280,100.00 a. Prepare a corrected retained earnings statement. Acadian Corp. normally sells investments of the type mentioned above. FIFO inventory was used in 2014 to compute net income. Acadian Corp. Retained Earnings Statement For the Year Ending January 1, 2014 Retained Earnings, January 1, 2014 as reported Correction of Error form Prior Period (Net of Tax) Adjustment for Change in Accounting Principle (Net of Tax) Retained Earnings, January 1, 2014 as adjusted Net Income Add: Cash Dividend Declared Less: Retained Earners, December 31, 2014 257,600.00 25,400.00 23,200.00 259,800.00 52,300.00 32,000.00 280,100.00 b. State where the items that do not appear in the corrected retained earnings statement should be shown. 1. 2. 3. 4. Gain on Sale of Investment is shown in the body of the Income Statement, but not as "Net of Tax." Refund of Litigation with Government may be shown as an "Unusal" item in the body of the Income Statement, but not as "Net of Tax." Loss on Discontiuned Operations is shown in the body of the Income Statement under the title "Income for Continuing Operations." Writeff of Goodwill may be shown as an "Unusual" item in the bofy of thr Income Statement, but not as "Net of Tax."