4 5 6 P4-6 (Statement Presentation) Presented below is a combined income and retained earnings statement 8 for Sapporo Company for 2015 (amounts in thousands). Net sales Costs and expenses Cost of goods sold 640,000 500,000 Selling, general, and administrative expenses 66,000 Other, net 17,000 583,000 Income before income tax 57,000 Income tax 19,400 Net income 37,600 Retained earnings at beginning of period, as previously reported 141,000 Adjustment required for correction of error (7,000) Retained earnings at beginning of period, as restated 134,000 Dividends on ordinary shares (12,200) Retained earnings at end of period V159,400