7:37 1 Assignment1 Assignment 1 Presented below is information in thousands) related to Chen Company. Retained carnings. December 31, 2014 Sales revenue Selling and administrative expenses Gain on disposal of division (pre-tax) Cash dividends declared on ordinary shares Cash dividends declared on preference shares Cost of goods sold Loss resulting from sale of equipment Rent revenue Sales returns and allowances Interest expense V 650.000 1.400.000 240.000 260.000 33600 20.000 820.000 52.000 120.000 40.000 10.000 Instructions Prepare in good form an income statement for the year 2015, and the retained earnings statement for the same year. Assume a 30% tax rate and that there were 70,000 ordinary shares outstanding during the year