Everything is correct except the Retained Earnings, which I think should be total assets - common stock but its wrong and I can't figure out why. Please explain, thanks!

b. Prepare a balance sheet and a statement of cash flows for the Year 1 accounting period. (Amounts to be deducted should be indicated by a minus sign.) GULF SEAFOOD Balance Sheet As of December 31, Year 1 Assets Cash $ 31,400 Equipment - Cooktop $ 16,200 Less: Accumulated depreciation 16,200 Total Assets 47,600 Liabilities $ 0 Stockholders' equity Common stock $ 37,000 Retained earnings 10,600 0 Total stockholders' equity 47,600 Total liabilities and stockholders' equity $ 47,600Required information Exercise 8-7A Effect of depreciation on the accounting equation and financial statements LO 8-2 [The following information applies to the questions displayed below.] The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $37,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $16,200 cash. 3. Earned $23,400 in cash revenue. 4. Paid $12,800 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of five years and an estimated salvage value of $2,600. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1