The directors of Kent Ltd provide you with the following financial information for the period ended 31 December 2017: selling expenses $76050; interest expense $29250; legal fees $4875; administrative expense $60450; income tax expense $31 200; cost of sales $370500; ordinary share capital (20000 shares issued) $156000; sales revenue $604500; other revenue $146250; dividends declared (for current period) $15600; retained earnings at beginning $226200.

Required
a. Prepare a statement of profit or loss for Kent Ltd for the period ended 31 December 2017.
b. Determine the closing balance of retained earnings at 31 December 2017.