The directors of Pumpkin Ltd provide you with the following financial information for the period ended 31 December 2020: selling expense $76050; interest expense $29250; legal fees $4875; administrative expense $60 450; income tax expense $31200; cost of sales $370500; ordinary share capital (20 000 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 Pumpkin Ltd for the period ended 31 December 2020.
(b) Determine the closing balance of retained earnings as at 31 December 2020.