Effect of net income on a firm's balance sheet Conrad Air, Inc., reported net income of $1,358,000 for the year ended December 31, 2022. Show how Conrad's balance sheet woulcchange from 2021 BEg to 2022 depending on how Conrad "spent" those earnings as described in the scenarios that appear below.a. Conrad paid no dividends during the year and invested the funds in marketable securitiesb. Conrad paid dividends totaling $502,000 and used the balance of the net income to retire (pay off) long-term debt.c. Conrad paid dividends totaling $502,000 and invested the balance of the net income in building a new hangarThe revised marketable securities will be $ Round to the nearest dollar.)The revised retained earnings will be $ Round to the nearest dollar.)b. If Conrad paid dividends totaling $502,000 and used the balance of the net income to retire (pay off) long-term debt, the amount transferred to the balance sheet will be $(Round to the nearest dollar.)The revised long-term debt will be $ (Round to the nearest dollar)The revised retained earnings will be $ (Round to the nearest dollar.)c. If Conrad paid dividends totaling $502,000 and invested the balance of the net income in building a new hangar, the amount transferred to the balance sheet will be $]. (Round tothe nearest dollar.)The revised buildings will be $ Round to the nearest dollar.)The revised retained earnings will be $ (Round to the nearest dollar.)