A firm has $90,000 in direct materials costs and $60,000 in direct labor costs, with another $30,000 in overhead in 2022. It has equipment that was purchased for $900,000 and is being depreciated towards a salvage value of $100,000 over 5 years. The firm purchased land this year for $800,000 and paid a dividend of $120,000. Its selling, general and administrative costs are $110,000. It also borrowed $2 milllion at 8 percent interest and is in the 27 percent tax bracket. If the firm's net income is $60,000 for 2023, (a) use any relevant information from the facts above to complete this firm's income statement in 2023, solving algebraically for any missing items. (Hint: You will likely find it useful to solve "backwards", starting with Net Income and working your way up to Sales.) (b) Calculate the ending balance in retained earnings on Dec 31, 2023 if the retained earnings balance on Dec 31, 2022 was $820,000