Determination of Retained Earnings and Net Income The following information appears in the records of Wellington Corporation at year-end 2012:

Accounts Receivable	$106,920		Retained Earnings	?
Accounts Payable	32,400		Supplies	$22,680
Cash	25,920		Equipment	453,600
Common Stock	421,200

a. Calculate the amount of retained earnings at the end of 2012. b. Using your answer from part a, if the amount of the retained earnings at the beginning of 2012 was $97,200 and dividends were paid in the amount of $29,160 during 2012, what was the net income for 2012?

a. Retained Earnings Balance at year-end 2012 $_______?

b. Net Income for 2012 $_______?