Income Statement and Retained Earnings The Huff Company presents the following partial list of account balances taken from its December 31, 2016 adjusted trial balance:

Sales (net)	$124,000			Operating expenses	$27,200
Interest expense	4,900			Common stock, $5 par	5,500
Cost of goods sold	61,000			Retained earnings, 1/1/2016	45,700

The following information is also available for 2016 and is not reflected in the preceding accounts:

The common stock has been outstanding all year. A cash dividend of $1.96 per share was declared and paid.

Land was sold at a pretax gain of $5,100.

Division X (a major component of the company) was sold at a pretax gain of $4,640. It had incurred a $9,480 pretax operating loss during 2016.

A tornado, which is an unusual event in the area, caused a $5,340 pretax loss.

The income tax rate on all items of income is 30%.

The average shareholders' equity is $89,000.