The following items were taken from the December 31, 20x4 financial statements of Hoffer Inc. Salaries Expense $ 91,500 Accounts receivable $ 86,500 Share Capital 40,000 Insurance Expense 10,800 Accounts payable 57,000 Income Tax Expense 22,700 Suppli 23,200 Accumulated epreciation-Equip. 30,000 Inventory 122,800 Note payable (due July 30, 20x9) 103,600 Land 36,000 Cash 17,800 Advertising Expense 24,000 Equipment 60,000 Sales 400,200 Unearned Revenue 52,600 Cost of Goods Sold 143,000 Depreciation Expense 15,000 Miscellaneous Expense 35,700 Interest Expense 4,5001 The beginning retained earnings balance was $18,100. Dividends of $8,000 were declared and paid during the year. Required: a) Prepare a Statement of Income for the year ending December 31, 20x4. b) Calculate Retained Earnings as at December 31, 20x4