The Wizard's Corner, a company that sells video games and related items, had the following account balances at the end of June 2020: Cost of goods sold $99,200 Common shares 35,000 Advertising expense 6,100 Equipment 18,700 Depreciation expense 1,870 Dividends declared 3,500 Accounts payable 11,000 Inventory 20,100 Wages expense 38,100 Sales revenue 196,400 Accounts receivable 15,800 Rent expense 14,800 Cash 50,630 Prepaid rent 2,500 Wages payable 6,500 Retained earnings (as at July 1, 2019) 22,400 Prepare a statement of income for the year ended June 30, 2020. (Enter loss using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) The Wizard's Corner Statement of Income For the Year Ended June 30, 2020 V sales revenue $ 196400 Less : Expenses cost of goods sold 99200 i Advertising Expense 6100 i Depreciation Expense 1870 i Wages Expense 38100 i Rent Expense 14800 i Total Expenses 160070 i Net Income /(Loss) v $ 36330 Your answer is incorrect. Calculate the amount of retained earnings as at June 30, 2020. Retained earnings at June 30, 2020 $ 55230 e Textbook and Media List of Accounts