accounting

16) 2-6 Impact of net income on a firm's balance sheet Conrad Air, Inc., reported net income of $1.365,000 for the year ended December 31, 2003. Show the effect of these funds on the firm's balance sheet for the previous year (below) in each of the scenarios following the balance sheet. a. Conrad paid no dividends during the year and invested the funds in marketable securities. b. Conrad paid dividends totaling $500,000 and used the balance of the net income to retire (pay off) long-term debt. c. Conrad paid dividends totaling $500,000 and invested the balance of the net income in building a new hangar. d. Conrad paid out all $1,365,000 as dividends to its stockholders