These items are taken from the financial statements of Sunland Ltd. at December 31, 2021: Accounts payable $25,050 Accounts receivable 20.780 Accumulated depreciation-buildings 51,600 Accumulated depreciation-equipment 20,470 Buildings 136.800 Cash 22.040 Common shares 139,000 Equipment 67.100 Income tax expense 6,500 Interest expense 5,600 Interest payable 3.900 Land 193.970 Long-term investments 32.970 Mortgage payable 105,000 Operating expenses 156,680 Prepaid insurance 1.700 Retained earnings, January 1 117.520 Service revenue 183,040 Supplies 1.440 (a) Calculate net income and the ending balance of retained earnings at December 31, 2021. Net income Retained Earnings $