Emerald Incorporated was established at the beginning of 2019 when several investors paid a total of $200,000 to purchase Emerald common stock. No additional investments in common stock were made during the year. By December 31, 2019, Emerald had cash on hand of $45,000, office equipment of $40,000, inventory of $156,000, and accounts payable of $10,000. Sales for the year were $812,000. Of this amount, customers still owed $20,000. Emerald declared and paid dividends of $25,000 to its stockholders during 2019. 1. Based on the information above, prepare a balance sheet for Emerald Company at December 31, 2019. In the process of preparing the balance sheet, you must calculate the ending balance in retained earnings. 2. What was the amount of Emerald's net income for 2019? 3. Was Emerald successful during its first year in operation? Explain your