Check my Exercise 1-24 (Static) Linking the statement of retained earnings and balance sheet LO P2 Mahomes Company reported the following data at the end of its first year of operations on December 31. Cash ok Accounts receivable ences Equipment Land Accounts payable Common stock Dividends Net income $ 6,000 7,000 9,000 34,000 3,000 15,000 22,000 60,000 (a) Prepare its year-end statement of retained earnings. Hint Retained Earnings on January 1 was $0. (b) Prepare its year-end balance sheet, using retained earnings calculated in part a. Complete this question by entering your answers in the tabs below. Required A Required B Prepare its year-end statement of retained earnings. Hint: Retained earrings on January 1 was $0. MAHOMES COMPANY Statement of Retained Earnings For Year Ended December 31 Retained earnings, January 1 $ $ 0