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 84,000 Accumulated depreciation 26,000 Notes payable (long-term) 285,000 Rent expense 70,000 Merchandise inventory 833,000 Accounts receivable 185,000 Depreciation expense 11,000 Land 120,000 Retained earnings 420,150 Cash 135,000 Cost of goods sold 1,750,000 Equipment 66,000 Income tax expense 227,150 Accounts payable 102,000 Sales revenue 2,512,000 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 $411,850 of dividends had been declared and paid during the year, what was the January 1, 2016, balance of retained earnings?