Accounts Payable Cash Accounts Receivable Land Building Equipment Mortgage Payable Supplies Common Stock Retained Earnings December 31, December 31, 2015 2014 $13,500 $20,250 51,750 45,000 94,500 74,250 90,000 90,000 562,500 585,000 96,750 101,250 202,500 225,000 45,000 40,500 495,000 495,000 ? ? a. Prepare balance sheets at December 31 of each year. LYNCH SERVICES BALANCE SHEETS December 31 2015 2014 Assets $ Accounts Receivable Supplies Building Equipment Total Assets Liabilities $ $ $ $ Mortgage Payable Total Liabilities Stockholders' Equity Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ $ b. The firm declared and paid a cash dividend of $7,500 in December 2015. Compute its net income for 2015. $