Determining Retained Earnings and Net Income The following information appears in the records of Bock Corporation at year-end: Accounts Receivable $23,000 Retained Earnings $7 Accounts Payable 15.000 Supplies 9.000 Cash 8.000 Equipment, net 138.000 Common Stock 110,000 a. Calculate the balance in Retained Earnings at year-end. $ 0 b. If the amount of the retained earnings at the beginning of the year was $30,000 and 512,000 in dividends is paid during the year, calculate net income for the year. 50