Kindly, solve both question 1 and 2

Question 1: ABC, Inc., reported income from continuing operations (before taxes) of $55,000. In addition, there was a $15,000 loss (pretax) on the sale of a discontinued component of the business. Taxes of $16,500 (30%) were paid on income from continuing operations. Required: Prepare the bottom section of the income statement.

Question 2: XYZ Company had the following information related to its financial statements: 1) The company issued bonds in the amount of $50,000. 2) The company earned net income of $78,900 and declared a cash dividend of $0.25 per share. Currently there are 50,000 ordinary shares outstanding. 3) Retained earnings at January 1, 2016 was $82,000. Required: Prepare a statement of retained earnings for December 31, 2016.