E2.9 ( LO1), AP The financial statements of Summit Ltd. includes the following items at December 31, 2025. Instructions a. Calculate net income and the ending balance of retained earnings at December 31, 2025. It is not necessary to prepare a formal income statement or retained earnings statement. b. Prepare a balance sheet dated December 31, 2025. Assume that the company will pay $30,500 of the mortgage payable in 2026. Prepare financial statements