Griffin's goat farm, inc., has sales of $680,000, costs of $342,000, depreciation expense of $86,000, interest expense of $53,000, a tax rate of 23 percent, and paid out $40,000 in cash dividends. what is the addition to retained earnings? (do not round intermediate calculations.)

Addition to Retained Earnings will be the amount will be Net Income as calculated using the above information:

Net income will be calculated as below:

Sales$680000

Less: Cost of Sales$342000

Less: Depreciation$86000

Less: Interest Expense$53000

Earnings Before Tax$199000

Less [email protected] 23%$45770

Net Income$153230

Thus Income of $153230 will be added to Retained earnings and Cash dividend of $40000 will be reduced from therein.

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