The following is the December $31,2022,$ balance sheet for Rexdale Foods Distributions Inc.

Sales for $2023$ were $$1,800,000,$ with the cost of goods sold being $45\%$ of sales. Amortization expense was $15\%$ of the gross plant and equipment at the beginning of the year. Interest expense was $10\%$ on the notes payable and $12\%$ on the bonds payable. Selling, general, and administrative expenses were $$210,000$ and the firm's tax rate is $25\%.$

A$)$ Using proper format, prepare an income statement for Rexdale Foods Distribution Inc. for the year ending December $31,2023.[$Show all the calculations where warranted$][10$ marks$]$

B$)$ If the dividend payout ratio for the company is $30\%,$ calculate the Retained Earnings balance on December $31,2023.[5$ marks$]$

$\backslash$table$[[$Assets$,,$Liabilities,$],[$Cash$,$$$120,000,$Accounts payable,$$50,000$