Problem 19-1 Income Statements (LO2, CFA3)

Given the following information for Smashville, Inc., construct an income statement for the year:

Cost of goods sold:	$209,000
Investment income:	$2,100
Net sales:	$541,000
Operating expense:	$90,000
Interest expense:	$7,400
Dividends:	$14,000
Tax rate:	21	%

What are retained earnings for the year? (Input all amounts as positive values.)