(C) Prepare Retained earnings statement for 2017.

(d) Prepare a budgeted classified balance sheet at December 31, 2017.

Krause Industries' balance sheet at December 31, 2016, is presented below. KRAUSE INDUSTRIES Balance Sheet December 31, 2016 Assets Current Assets $7,500 Cash Accounts receivable 73,500 Finished goods inventory (1,500 units) 26,160 Total current assets 107,160 Property, Plant, and Equipment $40,670 Equipment 10,310 30,360 Less: Accumulated depreciation $137,520 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable $25,170 46,970 Accounts payable Total liabilities 72,140 Stockholders' Equity $37,970 Common stock 27,410 Retained earnings Total stockholders' equity 65,380 137,520 Total liabilities and stockholders' equity