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Magee Corporation provided the following summary balance sheet information: Dec. 31, 2020 Dec. 31, 2021 Total Revenue $1,500,000 $2,300,000 Total Expenses $ 700,000 $1,400,000 Magee

Magee Corporation provided the following summary balance sheet information: Dec. 31, 2020 Dec. 31, 2021 Total Revenue $1,500,000 $2,300,000 Total Expenses $ 700,000 $1,400,000 Magee paid $100,000 in dividends during the year. Compute net income and retained earnings for the year ending December 31, 2021

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