b. In the second year it had income of $16,500 and a dividend of $5,500 was paid. What would the equity section of its balance sheet show at year end? Common stock $ 35000 4500 Retained earmings $ 39500 c. In the third year, Incubus sold more shares for a value of $17,500, earned income of $11,500, and paid a dividend of $5,500. What would the equity section of its balance sheet show at year end? Common stock Retained eanings References eBook& Resources Worksheet Problem 1-1 Learning O and econon Check my work 12