The Following Is a Partial List of Account Balances for the Fisherman's

The following is a partial list of account balances for the Fisherman's Supply at December 31, Year 1:
$\begin{array}{lr}\text { Cash } & 87,450 \\\text { Accounts receivable } & 24,800 \\\text { Inventory } & 197,450 \\\text { Supplies } & 3,600\\\text { Land } & 134,800 \\\text { Accounts payable } & 47,500 \\\text { Common stock } & 30,000 \\\text { Retained earnings } & 78,250 \\\text { Sales revenue } & 490,350\\\text { Cost of goods sold }&399,250 \\\text { Salaries expense } & 36,250 \\\text { Utilities expense } & 9,500 \\\text { other operating expense } &30,000\\\text { Gain on sale of land }&7,000\end{array}$ After the temporary accounts are closed, what is the balance of Retained Earnings?From the above information, prepare a multistep income statement.