Waterway Electric Ltd. has a May 31 fiscal year end and a 20% income tax rate. The following information is available for its 2024 year end: 1. Sales were $486,800 and cost of goods sold was $315,300. Kershaw incurred $120,600 of operating expenses Interest expense was $3,600. 2. On June 5, 2023, paid $35,500 of dividends that had been declared on May 20, 2023. 3. On May 25, 2024, declared $24,700 of dividends, payable on June 15, 2024. 4. Retained earnings on June 1, 2023, were $186,900. 5. Issued common shares for $46,400 cash on October 20, 2023.