Constructing Balance Sheets and Determining Income Following is balance sheet information for Lynch Services at the end of 2014 and 2015. December 31, December 31, 2015 2014 Accounts Payable $9,000 $13,500 Cash 34,500 30,000 Accounts Receivable 63,000 49,500 Land 60,000 60,000 Building 375,000 390,000 Equipment 64,500 67,500 Mortgage Payable 135,000 150,000 Supplies 30,000 27,000 Common Stock 330,000 330,000 Retained Earnings a. Prepare balance sheets at December 31 of each year. LYNCH SERVICES BALANCE SHEETS December 31 2015 2014 Assets $ $ Accounts Receivable Supplies Building Equipment Total Assets Liabilities $ 5 $ $ Mortgage Payable Total Liabilities Stockholders' Equity Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ $ b. The firm declared and paid a cash dividend of $5,000 in December 2015. Compute its net income for 2015