G$.$ Clifford Noble and William Barnes organized Barnes and Noble Book Store as a corporation; each contributed $$71,700$ cash to

the business and received $4,400$ shares of common stock. The store completed its first year of operations on December $31,$ curre

year. On that date, the following financial items for the year were determined: December $31,$ current year, cash on hand and in the

bank, $$68,850$; December $31,$ current year, amounts due from customers from sales of books, $$43,500$; unused portion of store a

office equipment, $$77,500$; December $31,$ current year, amounts owed to publishers for books purchased, $$13,300$; one$-$year note

payable to a local bank for $$3,900.$ No dividends were declared or paid to the stockholders during the year.

Required:

Complete the following balance sheet as of the end of the current year. Some information has been given below.

What was the amount of net income for the year? $($Hint: Use the retained earnings equation $[$Beginning Retained Earnings $+$

Income $-$ Dividends $=$ Ending Retained Earnings$]$ to solve for net income.$)$

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Complete the following balance sheet as of the end of the current year. Some information has been given below. show all work!! and find common stock and net income.