Gary's TV had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year then ended. Interest expense Paid-in capital Accumulated depreciation Notes payable (long-term) Rent expense Merchandise inventory Accounts receivable Depreciation expense Land Retained earnings Cash Cost of goods sold Equipment Income tax expense Accounts payable Net sales $ 6,3ee 24,400 6,600 71,000 14,400 142,000 55,000 3,300 55,000 170,500 23,500 256,000 46,000 84,000 49,000 490,000 Required: a. Calculate the difference between current assets and current liabilities for Gary's TV at December 31, 2019. b. Calculate the total assets at December 31, 2019 c. Calculate the earnings from operations (operating income) for the year ended December 31, 2019, d. Calculate the net income (or loss) for the year ended December 31, 2019. e. What was the average income tax rate for Gary's TV for 2019? f. If $23,000 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings? ch D E Practice i b. Calculate the total assets at December 31, 2019. c. Calculate the earnings from operations (operating income d. Calculate the net income (or loss) for the year ended Dece e. What was the average income tax rate for Gary's TV for 20 f. If $23,000 of dividends had been declared and paid durin a. Difference b. Total assets c. Operating income d. e. Average income tax rate f. Retained earnings % Prey