Computing Retained Earnings and Net Income The following selected balance sheet amounts are from Aerial Inc. as of December 31, 2020. Selected Balance Sheet Amounts Assets Liabilities Cash $28,000 Accounts payable $9,600 Accounts receivable 10,000 Note payable 20,000 Supplies 7,600 Stockholders' equity Equipment 50,000 Common stock 20,000 Paid-in capital in excess of par 10,000 Required a. Compute retained earnings as of December 31, 2020, assuming retained earnings is the only missing category in the selected balance sheet amounts above. b. Determine net income assuming that the balance in retained earnings on January 1, 2020, was $5,000; dividends declared during 2020 were $9,000; and no other items affected retained earnings during 2020. $