The financial statements of Summit Ltd$.$ include the following items at December $31,2025.$

Accounts payable

$$21,050$

Income tax expense

$$5,200$

Accounts receivable

$20,780$

Interest expense

$4,550$

Accumulated depreciation$-$buildings

$50,600$

Interest payable

$2,100$

Accumulated depreciation$-$equipment

$21,470$

Land

$194,000$

Buildings

$133,800$

Long$-$term investments

$28,970$

Cash

$24,040$

Mortgage payable

$104,000$

Common stock

$140,000$

Operating expenses

$158,680$

Equipment

$66,100$

Prepaid insurance

$1,420$

Retained earnings, January $1116,520$

Service revenue

$183,040$

Supplies

$1,240$

$($a$)$

Calculate net income and the ending balance of retained earnings at December $31,2025.$