3. National Shops, Inc. reported the following amounts on its balance sheet as of December 31, 2016: Inventory Notes payable Cash Common stock S325,000 100,000 150,000 750,000 Net property, plant and equipment 600,000 Accounts receivable Accounts payable Retained earnings 30,000 45,000 Required: 1. What is the amount of National's total assets as of December 31, 2016? 2. Identify the items listed above that are liabilities. 3. What is the amount of National's retained earnings as of December 31, 2016? 4. Prepare a balance sheet for National at December 31, 2016