The following account balances were included in the trial balance of tamarisk corporation at june 30, 2017.

sales revenue $1,592,670 depreciation expense (office furniture and equipment) $7,151 sales discounts 31,900 property tax expense 7,099 cost of goods sold 899,200 bad debt expense (selling) 5,263 salaries and wages expense (sales) 57,010 maintenance and repairs expense (administration) 8,803 sales commissions 98,990 office expense 5,560 travel expense (salespersons) 31,000 sales returns and allowances 68,004 delivery expense 23,270 dividends received 41,490 entertainment expense 14,950 interest expense 16,770 telephone and internet expense (sales) 9,140 income tax expense 108,670 depreciation expense (sales equipment) 5,013 depreciation understatement due to error—2014 (net of tax) 18,834 maintenance and repairs expense (sales) 6,043 dividends declared on preferred stock 9,140 miscellaneous selling expenses 4,798 dividends declared on common stock 40,580 office supplies used 3,206 telephone and internet expense (administration) 2,954 the retained earnings account had a balance of $337,480 at july 1, 2016. there are 87,000 shares of common stock outstanding.

prepare a retained earnings statement for the year ended june 30, 2020.