Conrad Air, Inc. reported netincome of $1,365,000 for the yearended December 31, 2021. Show the effect of these funds onthe firm'sbalancesheetforthepreviousyear(followingslide)in each ofthescenariosfollowingthebalancesheet. a) Conrad paid no dividends during the year and invested the funds in marketable securities. b) Conrad paiddividendstotaling $500,000andused the balance ofthenetincome to retire (pay off) long-termdebt. c) Conrad paid dividends totaling $500,000 and invested the balance ofthenet income in building a new hangar. d) Conrad paid out all $1,365,000 as dividends to its stockholders. Conrad Air, Inc Balance Sheet as of December 31, 2021 Assets Liabilities & Stockholders' Equity Accounts Payable Short-term Notes Cash 120,000 60,000 Marketable 35,000 55,000 Securities Accounts 45,000 Current Liabilities 10,000 Receivable Long-term Debt Total Liabilities Common Stock Retained Earnings Stockholders' Equity Inventories 130,000 2.700,000 Current Assets 330,000 2,825,000 Equipment 2,970,000 500,000 Buildings 1,600,000 1,575,000 Fixed Assets 4,570,000 2,075,000 Total Assets 4,900,000 Total Liabilities & SH Equity 4.900,000