Exercise 1-24 (Algo) Linking the statement of retained earnings and balance sheet LO P2 Mahomes Company reported the following data at the end of its first year of operations on December 31. Cash Accounts receivable Equipment Land Accounts payable Common stock Dividends Net income $ 11,000 12,000 14,000 49,000 8,000 40,000 27,000 65,000 (a) Prepare its year-end statement of retained earnings. Hint. Retained Earnings on January 1 was $0. (b) Prepare its year-end balance sheet, using retained earnings calculated in part a. Complete this question by entering your answers in the tabs below. Required A Required B Prepare its year-end statement of retained earnings. Hint: Retained earnings on January 1 was $0. MAHOMES COMPANY Statement of Retained Earnings For Year Ended December 31 Retained earnings, January 1 $ 0 Exercise 1-24 (Algo) Linking the statement of retained earnings and balance sheet LO PZ Mahomes Company reported the following data at the end of its first year of operations on December 31. Cash. Accounts receivable Equipment Land Accounts payable Common stock Dividends Net income $ 11,000 12,000 14,000 49,000 8,000 40,000 27,000 65,000 (a) Prepare its year-end statement of retained earnings. Hint. Retained Earnings on January 1 was $0. (b) Prepare its year-end balance sheet, using retained earnings calculated in part a. Complete this question by entering your answers in the tabs below. Required A Required B Prepare its year-end balance sheet, using retained earnings calculated in part a. MAHOMES COMPANY Balance Sheet December 31 < Required A Required B