Income Statement and Retained Earnings The Huff Company presents the following partial list of account balances taken from its December 31, 2019 adjusted trial balance: Sales (net) Interest expense Cost of goods sold $124,000 Operating expenses 3,900 Common stock, $5 par 53,000 Retained earnings, 1/1/2019 $31,000 11,000 41,700 The following information is also available for 2019 and is not reflected in the preceding accounts: 1. The common stock has been outstanding all year. A cash dividend of $1.3 per share was declared and paid. 2. Land was sold at a pretax gain of $6,300. 3. Division X (a major component of the company) was sold at a pretax gain of $4,690. It had incurred a $9,460 pretax operating loss during 2019. 4. A tornado, which is an unusual event in the area, caused a $5,330 pretax loss. 5. The income tax rate on all items of income is 30%. 6. The average shareholders' equity is $89,000.