SMITH HAS THE FOLLOWING 2019 DATA: 1) CUSTOMER SALES 2) COGS 500,000 (170,000) 3) SELLING, GENERAL & ADMINISTRATIVE EXPENSES (55,000) 4) RESEARCH & DEVELOPMENT (25,000) 5) INTEREST EXPENSE 6) LOSS FROM DISONTINUED OPS 7) GAIN ON DISPOSAL OF DISCONTINUED OPS 8) DIVIDEND AND INTEREST INCOME 9) INVENTORY OBSOLESCENSE WRITE-OFF (3,000) (27,000) 5,000 1,000 (1,700) 10) OVERSTATEMENT OF P/Y DEPRECIATION 10,000 11) CASH DIVIDEND DECLARED 30,000 12) BEGINNING RETAINED EARNINGS 260,000