Exercise $4-20($Algo$)$ Effects of adjustments LO $4-6,4-7$

A bookkeeper prepared the year$-$end financial statements of Giftwrap, Incorporated The income statement showed net income of

$$22,800,$ and the balance sheet showed ending retained earnings of $$91,900.$ The firm's accountant reviewed the bookkeeper's work

and determined that adjustments should be made that would increase revenues by $$5,600$ and increase expenses by $$8,900.$

Required:

Calculate the amounts of net income and retained earnings after the preceding adjustments are recorded.

Note: Enter any decreases as negatives.