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 Accumulated depreciation $ 5,900 Paid-in capital 21,200 5,800 Notes payable (long-term) 63,000 Rent expense 13,200. Merchandise inventory 134,000 Accounts receivable 49,000 Depreciation expense 2,900 Land 47,000 Retained earnings 162,500 Cash 25,500 Cost of goods sold 248,000 Equipment 38,000 Income tax expense 72,000 41,000 450,000 Accounts payable Net sales. 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 $25,000 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings