What's the net income and retained earnings based on the information provided?
2019 Income Statement Revenues Gross sales: $16,077,000 Less: Customer returns $(182,600) Dividends: $204,000 Interest (from Bank Accounts): $326 Interest on U.S. Treasury Bonds: $1,598 Interest on Bolt Corp. Bonds $853 State of Georgia Bond Interest: $516 City of Jacinto, TX Bond Interest $405 Cost of Goods Sold Inventory as of 1/1/19 $3,395,216 Inventory purchased during 2019 $7,423,679 Inventory as of 12/31/19 $3,430,490Expenses (Other than Cost of Goods Sold) Warehouse rent: $220,126 Accounting Services: $31,125 Office Supplies: $26,458 Repairs and maintenance: $5,217 Depreciation: $1,600 Mortgage Interest Expense: $2,390 Lobbying $9,500 Entertainment: $17,200 Meals: $9,145 (meals: by employees, while out of town on business trips) Travel: $28,165 (travel: by employees, while out of town on business trips - includes airfare and hotels) Charitable Contributions (cash) $52,360 Wages - Officers: $2,345,612 Wages (other employees): $614,755 2 & 3Federal Payroll Taxes: $110,280 Fines and Penalties $8,600 Other Income/Expense Gain on sale of Government Debt Investments $7,060 Loss on sale of corp. debt investments ($500) Gain on the Sale of Business Assets" $43,000 Gain on the exchange of real property $400,000 NET INCOME ????? (The client was too busy to calculate this figure and they have asked you to complete this for them as a separate engagement from the preparation of the tax returns.)12/31/2018 Year-End Balance Sheet Cash: $4,318,952 Inventory: $3,395,216 Land* $400,000 Stock in Jadis Corp. $60,000 U.S. Treasury Stock $45,000 State of Georgia Bonds $90,000 City of Jacinto, TX Bonds $30,000 Bolt Corp. Bonds $15,500 Forklift (Cost)" $250,000 Less: Accumulated Depreciation on Personal Property ($250.000) Fixed Assets (Personal Property) - Net Book Value $0 Liabilities Mortgage Payable $35,000 Shareholders' Equity Common Stock $1,000,000Retained Earnings - Unappropriated10 $7,319,668 12/31/2019 Year-End Balance Sheet Assets Cash: $4,599,946 Inventory: $3,430,490 Land: $765,000 Stock in Jadis Corp. $60,000 U.S. Treasury Stock $45,000 State of Georgia Bonds $84,900 Bolt Corp. Bonds $14,100 City of Jacinto, TX Bonds $30,000 Pre-Paid Federal Inc. Tax" $500,000 New Copier (Cost) 12 $30,000 Less: Accumulated Depreciation ($1,500) New Desk for Maggie (Cost) 13 $5,000 Less: Accumulated Depreciation ($100) Fixed Assets (Personal Property) - Net Book Value $33,400Liabilities None $0 Shareholders' Equity Common Stock $ 1,000,000 Retained Earnings - Unappropriated ?????? (The client was too busy to calculate this figure and they have asked you to complete this for them as a separate engagement from the preparation of the tax returns)