Assignment Question (1): Presented below is information (in thousands) related to Chen Company. Retained earnings, December 31, 2022 $ 650,000 Sales revenues 1,400,000 Selling and administrative expenses 240,000 Loss on disposal of division (pre-tax) 290,000 Cash dividends declared on ordinary shares 33,600 Cost of goods sold 780,000 Depreciation expense charge in 2021 not recorded yet(pre-tax) 520,000 Rent revenue 120,000 Loss on sale of equipment 90,000 Interest expense 10,000 Instructions Prepare in good form an income statement and retained earnings statement for the year 2022. Assume a 30% tax rate and that there were 80,000 ordinary shares outstanding during the year.