ABC Company has the following end of period account balances (except for retained earnings; its balance shown is the beginning balance): Accounts payable: $ 25,000 Buildings and equipment: $ 230,000 Cash: $ 25,000 . Common stock: $ 60,000 Depreciation expense: $ 20,000 Dividends: $ 45,000 Notes payable: $110,000 Prepaid insurance: $ 40,000 Retained earnings (beginning balance): $ 85,000 Service revenue: $250,000 Wage expense: $170,000 The ending retained earnings balance is: Answer: Net income is: Answer: 60000