At the beginning of its second year of operations, its balance sheet appeared as follows: Little Folks Baseball Ltd. Balance Sheet 31 December 2016 Assets ---------Amount ()---------- Debits Credits Cash 56,000 Accounts Receivable 80,000 Land 600,000 Total Assets 736,000 Liabilities and Stockholders Equity Liabilities: Accounts Payable 64,000 Stockholders Equity: Capital Stock 400,000 Retained Earnings 272,000 Total Liabilities and Stockholders Equity 736,000 The summarized transactions for the year are as follows: Issued additional capital stock for cash, 200,000 Collected 80,000 on accounts receivable Paid 64,000 on accounts payable Received membership fees from parents (non refundable): in cash, 260,000; and on account, 120,000 Incurred operating expenses: for cash, 60,000; and on account, 160,000 Paid dividends of 16,000 Purchased more land for cash, 96,000 Placed an order for new equipment expected to cost 120,000 Required: 1. Profit and Loss account for the year ended 31 December 2017 2. Prepare a statement of retained earnings for the year ended 31 December 2017 3. Prepare a Balance Sheet as on 31 December 2017