Dropdown options for part a. include "Land, Common Stock, Accounts Payable, Cash."

Constructing Balance Sheets and Determining Income Following is balance sheet information for Lynch Services at the end of 2018 and 2017. December 31, December 31, 2018 2017 Accounts Payable $6,000 $9,000 Cash 23,000 20,000 Accounts Receivable 42,000 33,000 Land 40,000 40,000 Building 250,000 260,000 Equipment 43,000 45,000 Mortgage Payable 90,000 100,000 Supplies 20,000 18,000 Common Stock 220,000 220,000 Retained Earnings a. Prepare balance sheets at December 31 of each year. LYNCH SERVICES BALANCE SHEETS December 31 2018 2017 Assets $ $ Accounts Receivable Supplies Building Equipment Total Assets Liabilities $ $ $ $ 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 $10,000 in December 2018. Compute its net income for 2018. $