Sales for 2023 were $1,800,000, with the cost of goods sold being 45% of sales. Amortization expense

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Sales for 2023 were $1,800,000, with the cost of goods sold being 45% of sales. Amortization expense was 15% of the gross plant and equipment at the beginning of the year. Interest expense was 10% on the notes payable and 12% on the bonds payable. Selling, general, and administrative expenses were $210,000 and the firm's tax rate is 25%.

A) Using proper format, prepare an income statement for Rexdale Foods Distribution Inc. for the year ending December 31, 2023. [Show all the calculations where warranted] B) If the dividend payout ratio for the company is 30%, calculate the Retained Earnings balance on December 31, 2023.