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Presented below are changes (in thousands) account balances of Sha for retained earnings. Cash $25,000 Accounts payable $34,000 Accounts receivable (net) (13,000) Bonds payable (20,000)

Presented below are changes (in thousands) account balances of Sha for retained earnings.

Cash $25,000 Accounts payable $34,000

Accounts receivable (net) (13,000) Bonds payable (20,000)

Inventory 52,000 Share capital 72,000

Plant assets (net) 37,000 Share premium 16,000

The only entries in Retained Earnings were for net income and a dividend declaration of $10,000.

-Compute the net income for the current year. B. Presented below is information related to Dublin Company for 2018.

Unrealized gain on non-trading equity securities, net of tax

200,000

Retained earnings balance, January 1, 2018

1,200,000

Sales revenue

35,000,000

Unearned sales revenue

150,000

Prepaid expense

80,000

Freight-In

10,000

Cost of goods sold

25,000,000

Purchase Discounts

15,000

Interest expense

100,000

Selling and administrative expenses

5,700,000

Write-off of goodwill

1,200,000

Income taxes for 2018

1,360,000

Dividend revenue

100,000

Gain on the disposition and operations of the wholesale division (Gain before income tax)

400,000

Loss due to flood damage

300,000

Gain on the sale of investments

200,000

Dividends declared on ordinary shares

250,000

Allocation to non-controlling interest

30,000

Required: Prepare an (1) income statement and (2) a retained earnings statement. Dublin Company decided to discontinue its entire wholesale operations and to retain its manufacturing operations. On August 10, Dublin sold the wholesale operations to Rene Company. During 2018, there were 400,000 ordinary shares outstanding all year.

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