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 $5,600 Accounts receivable 2,000 Supplies Equipment Accounts payable Note payable 1,520 Stockholders' equity 10,000 $1,920 4,000 Common stock 4,000 Paid-in capital in excess of par 2,000 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 $1,000; dividends declared during 2020 were $1,800; and no other items affected retained earnings during 2020. $ 0