Exercise One Thorpe Construction, Inc. reported the following financial information at January 1, 2022, the beginning of its fiscal year: Assets $85,000 Liabilities 17,000 During 2022, assets increased by $5,000 and liabilities decreased by $2,000. Instructions 1. Calculate Thorpe's total stockholders' equity on January 1, 2022. 2. Calculate Thorpe's retained earnings on January 1, 2022. You can assume the only other equity account Thorpe reports on January 1, 2022 is $3,000 in common stock. 3. Calculate Thorpe's total stockholders' equity on December 31, 2022. 4. Calculate Thorpe's retained earnings on December 31, 2022. You can assume the only other equity account Thorpe reports on December 31, 2022 is $3,000 in common stock. 5. Assume Thorpe declares dividends declared in 2022 totaling $1,000. Calculate Thorpe's 2022 net income or loss.