Net income and retained earnings. (LO 3). Jule's Dairy Farm, Inc., reported the following (incomplete) information in its records for 2010: Net income $ 25,000 Sales 115,000 Beginning balance-retained earnings 20,000 Cost of goods sold 45,000 Dividends declared and paid 2, 250 If the sales revenue given is the only revenue for the year, what were the expenses for the year other than cost of goods sold? What is the balance of retained earnings at the end of 2010