3. National Shops, Inc. reported the following amounts on its balance sheet as of December 31, 2016: Inventory $325,000 Notes payable 100,000 Cash 150.000 Common stock 750,000 Net property, plant and equipment| 600,000 Accounts receivable 30.000 Accounts payable 45,000 Retained earnings 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