Jackson Company had the following income statement amounts for the year ended December 31, 2007:
Sales $4,624,274 Cash dividends declared $ 58,986
Income tax expense 405,107 Interest income 23,088
S,G &A expense 684,175 Cost of sales 2,958,708
Other expense 6,317 Retained earnings, 12/31/07 3,074,037
Royalty income 279,459 Royalty expense 111,586
Prepare a combined single-step income statement and retained earnings for the year ended December 31, 2007.