3. Below is the balance sheet for Glucose Control Company as of Dec. 31, 2018. The company reported an annual net income of $85,000 for the following year, 2019, but did not change its assets or liabilities, unless otherwise noted. Assets Cash Marketable securities Accounts receivable Inventory Current assets 13,000 2,000 5,000 33,000 53,000 34,000 80,000 114,000 167,000 Liabilities and Equity Accounts payable 18,000 Notes payable 6,000 Current liabilities 24,000 Long-term debt 95,000 Total liabilities 119,000 Paid-in capital 20,000 Retained earnings 28,000 Equity 48,000 Total liab. & equity 167,000 Machines Real estate Fixed assets Total assets a. If the company distributed its entire net income as dividends, what would be the value of total equity on Dec. 31, 2019? b. If the company distributed half of its net income as dividends and used the rest to invest in new machines, what would be the value of total equity on Dec. 31, 2019? c. If the company distributed half of its net income as dividends, used the rest to invest in new machines and sold all its marketable securities to pay back some long-term debt, what would be the value of total equity on Dec. 31, 2019