After its first year of operation, Rusty Nails, Inc. presented the following financial reports Rusty Nails Inc. Balance Sheet as of December 31, 2015 Assets Cash Accounts Receivable Merchandise Inventory Prepaid Rent Store Equipment Less: Accumulated Depreciation 336,700 160,300 $ 65,200 $ 4,000 $ 14,000 S 100 S 13900 Total Assets Accounts Payable Unearned Income on Rentals Notes Payable (Long-Term) $ 16,200 $ 6,000 $ 100,000 Total Liabilities $ 122,200 Common Stock 100,000 shares, $4 par value 400,000 Retained Earnings Total Stockholders Equity Total Liabilities and Stockholders Equity S 57,900 $ 457,900 $ 580,100 Rusty Nails, Inc. Income Statement for the twelve months ended December 31, 2015 s 150,000 S 10,000 Sales Revenue Rent Revenues Cost of Goods Sold Rent Expense Depreciation Total Expense $ 100,000 2,000 S 100 102,100 Net Income $ 57,900 Rusty Nails Statement of Retained Earnings Retained Earnings as of January 1, 2015 Net Income for year $ 57,900 57,900 Total Dividends Declared Retained Earnings as of December 31, 2015 900