Kingbird Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2024. The following information has been taken from the adjusted trial balance: All accounts have normal balances and total assets equal $654,000. Kingbird has a 20% income tax rate. Statement of Retained Earnings Year Ended July 31, 2024 Retained Earnings, August 1, 2023 $281600 Add : Profit/(Loss) for the Year \begin{tabular}{|} \hline 108800 \\ \hline \hline \\ \hline \end{tabular} Less v: Cash Dividends v Retained Earnings, July 31,2024 Y