ash 87,450 Accounts Receivable 24,800 Inventory 197,450 Supplies 3,600 Land 134,800 Accounts Payable 47,500 Common stock 300,000 Retained Earnings 78,250 Sales 490,350 Cost of Goods Sold 399,250 Salaries Expense 36,250 Utlities Expense 9,500 Other operating expense 30,000 Gain on sale of land 7,000 The above list represents a partial list of account balances for the Fisherman's Supply at December 31, 2016. 1) After the temporary accounts are closed, what is the balance of Retained Earnings? 2) From the above information, prepare a multistep income statement