PROBLEM 3.22 Retained profits The accounts for Prentice Retail Ltd for last year included the following (in alphabetical order): Dividends declared Income tax expense Miscellaneous revenue from investments Operating expenses Retained profits, beginningofyear Revenue from sales 87000 145210 23 570 1703 470 354290 2111480 DR DR CR DR CR CR Calculate net profit, and prepare a note to show the change in retained profits for the year