Scholastic Corp. is a children's media company. It maintains over 5,000 titles (e.g., Hunger Games, Captain Underpants) and has the exclusive U.S. rights to the Harry Potter book series The following information was included on Scholastic's 2017 financial statements. This is not a trial balance. It is a list of accounts as they appeared on the balance sheet and income statement as of and for the year ended May 31 2017.All amounts represent normal balances (e.g., accounts payable has a credit balance of S120). (Note: Retained earnings is ending retained earnings) Accounts payable S 120 Long-term debt S 345 Loss from discontinued Accounts receivable 340 Other accrued expenses 235 Allowance for doubtful accounts 26 Prepaid expenses 126 Cash 195 160 Common stock 510 Property, plant and equipment 785 Copyrights and trademarks 250 Retained earnings Cost of goods sold 1,000 2.150 Deferred revenue Royalties payable 95 SGA expense 875 Interest expense 15 Tax expense 295 Treasury stock Scholastic capitalizes the art, pre-press and editorial costs incurred in the creation of the master copy of a book ("prepublication costs"). Prepublication costs are amortized (as part of cost of goods sold) over a three year period once the title is available for sale Scholastic declared dividends of $14 during the year ended May 31, 2017. (1) What is net income for fiscal year 2017? (2) What is retained earnings at May 31,2016