Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $$71,700$ cash to start the business and received $4,100$ shares of common stock. The store completed its first year of operations on December $31,$ current year. On that date, the following financial items for the year were determined: December $31,$ current year, cash on hand and in the bank, $$69,550$; December $31,$ current year, amounts due from customers from sales of books, $$41,000$; unused portion of store and office equipment, $$78,500$; December"$31,$ current year, amounts owed to publishers for books purchased, $$12,100$; one$-$year note payable to a local bank for $$3,700.$ No dividends were declared or paid to the stockholders during the year.

Required:

Complete the following balance sheet as of the end of the current year. Some information has been given below.

What was the amount of net income for the year? $($Hint: Usye the retained earnings equation $[$Beginning$\text{'}$Retained Earnings $+$ Net Income $-$ Dividends $=$ Ending Retained Earnings$]$ to solve for net income.$)$

Complete this question by entering your answers in the tabs below.

Complete the following balance sheet as of the end of the current year. Some information has been given below.