Effect of net income on a firm's balance sheet Conrad Air, Inc reported net income of $1,355,000 for the year ended December 31, 2020 Show how Conrad's balance sheet woled change from 2019 to 2020 depending on how Conrad 'spent those earnings as described in the scenanos that appear below a. Conrad paid no dividends during the year and invested the funds in marketable securities b. Conrad paid dividends totaling $503,000 and used the balance of the net income to retire (pay off) long term debt c. Conrad paid dividends totaling $503.000 and invested the balance of the net income in building a new hangar d. Conrad paid out all $1355,000 as dividends to its stockholders A as of December 31, 2019 Assets Cash Marketable securities Accounts receivable Inventories Current assets Equipment Buildings Fixed assets Total assets $120,000 39,000 50,000 125,000 $334,000 $2,960,000 1,606,000 $4,566,000 $4,900,000 Liabilities and Stockholders' Equity Accounts payable Short-term notes Current liabilities Long-term debt Total liabilities Common stock Retained earnings Stockholders' equity Total liabilities and equity $65,000 54,000 $119,000 $2,715,000 $2,834,000 $495,000 1,571,000 $2,066,000 $4,900,000