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9) During 2019, Magee Auto Supply Outlets had gross sales of $900,000, cost of goods sold of $300,000, and general and selling expenses of $400,000. The firm also had outstanding $200,000 of 10% coupon bonds with 12 years to maturity and $400,000 of 12% bonds with 25 years to maturity. Non-operating income was $0, depreciation was $10,000 and Magee paid dividends of $80,000 to its shareholders at the end of the year. The corporate tax rate was 21%. a) Set out Magee's income statement showing the taxable income, taxes, net income, and earnings retained in 2019. b) Magee's balance sheet as of December 31, 2018 showed retained earnings of $240,000. What will the retained earnings be on December 31, 2019