Garys TV had the following accounts and amounts in its financial statements on December 31, 2016. Assume that all balance sheet items reflect account balances at December 31, 2016, and that all income statement items reflect activities that occurred during the year then ended.

Interest expense	$	32,000
Paid-in capital		82,000
Accumulated depreciation		25,000
Notes payable (long-term)		285,000
Rent expense		65,000
Merchandise inventory		834,000
Accounts receivable		189,000
Depreciation expense		11,000
Land		126,000
Retained earnings		453,120
Cash		142,000
Cost of goods sold		1,759,000
Equipment		65,000
Income tax expense		256,120
Accounts payable		93,000
Sales revenue		2,541,000
Required: a. Calculate the difference between current assets and current liabilities for Garys TV at December 31, 2016. b. Calculate the total assets at December 31, 2016. c. Calculate the earnings from operations (operating income) for the year ended December 31, 2016. d. Calculate the net income (or loss) for the year ended December 31, 2016. e. What was the average income tax rate for Garys TV for 2016? f. If $408,880 of dividends had been declared and paid during the year, what was the January 1, 2016, balance of retained earnings?