Hello I need help understanding this problem. Could someone help me out?

Sample Income statement Items

Revenues $196,000

COGS $ 125,600

Selling, General, & Admin Exp. $34,500

Depreciation $ 8,500

Interest Expense $ 2,300

Tax Expense ?

Net Income ?

The table above contains select income statement items for XYZ Corp. for the current year. Based on the information above, and assuming a tax rate of 32%, calculate the retained earnings balance for the current year for XYZ Corp. Last years retained earnings balance was $45,700 and the company paid $12,500 in dividends this year.