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. Paid-in capital Interest expense Accumulated depreciation Rent expense $ 4,900 13,200 3,800 Notes payable (long-term) 43,000 10,200 Merchandise inventory 114,000 Accounts receivable 34,000 Depreciation expense 1,900 Land 27,000 Retained earnings 142,500 Cash 30,500 Cost of goods sold 228,000 Equipment 18,000 Income tax expense 42,000 Accounts payable Net sales 21,000 350,000 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 $30,000 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings? a. b. C. d. e. Difference Total assets Operating income Net income Average income tax rate Retained earnings $ 157,500 ( $ 219,7000 $111,800 $ 63,900 %