1. what is the amount of total assets that will be reported on the balance sheet as of December 31, Year 1

2. What is the amount of net income that will be reported on the Year 1 income statement?

3. After closing, what is the balance of the Retained Earnings account on December 31, Year 1?

4. What is the amount of total assets that will be reported on the balance sheet as of December 31, Year 1?

Required information [The following information applies to the questions displayed below.) The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31 Year 1: Cash Dividends Land Accounts Payable Retained earnings $5,000 2,500 2,800 1,450 6,475 Accounts Receivable Common Stock Revenue Expense $1,850 2,975 2,880 1,550