can u please correct the wrong answers

E1-4 Completing a Balance Sheet and Inferring Net Income (LO2, LO3] Ken Young and Kim Sherwood organized Reader Direct as a corporation, each contributed $66150 cash to start the business and received 5,400 shares. The store completed its first year of operations on December 31, 2017. On that date, the following financial items for the year were determined cash on hand and in the bank. $55,200, amounts due from customers from sales of books. $36.000, property and equipment. $79.500; amounts owed to publishers for books purchased. $12.200: one-year note payable to a local bank for $9,150. No dividends were declared or paid to the shareholders during the year Required: 1. Complete the balance sheet at December 31, 2017: Answer is not complete. READER DIRECT Balance Sheet At December 31, 2017 Assets Liabilities Cash 12 200 55,200 36,000 79,500 Accounts receivable Accounts payable Nole payable DOO 9,150 Total liabilities 21,350 Shareholders' equity X 66,150 X Common shares Retained earnings 83,200 Total shareholders' equity Total liabilities & shareholders' equity 149.350 $ 170,700 Total assets $ 170,700 2. Using the retained earnings equation and an opening balance of $0.work backward to compute the amount of net income for the year ended December 31, 2017, Answer is complete but not entirely correct. Net income $ 83.200 4. Assuming that Reader Direct generates net income of $5,450 and pays dividends of $2,700 in 2018, what would be the company's ending Retained Earnings balance at December 31, 2018? Answer is complete but not entirely correct. Ending retained earnings $ 85,950 X