These items are taken from the financial statements of Oriole Ltd. at December 31, 2021: Accounts payable $25,050 Accounts receivable 23,780 Accumulated depreciation-buildings 48,600 Accumulated depreciation-equipment 21,470 Buildings 136,800 Cash 27,040 Common shares 139,000 Equipment 66,100 Income tax expense 5,300 Interest expense 4,000 Interest payable 2,600 Land 188,770 Long-term investments 30,970 Mortgage payable 103,000 Income tax expense Interest expense Interest payable Land 188,770 Long-term investments 30,970 Mortgage payable 103,000 Operating expenses 157,680 Prepaid insurance 1,500 Retained earnings, January 1 117,520 Service revenue 186,040 Supplies 1,340 Calculate net income and the ending balance of retained earnings at December 31,2021. Net income Retained Earnings $