Gary's 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 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 Sales revenue $ 35,000 88,000 32,000 286,000 67,000 837,000 184,000 12,000 122,000 460,400 142.000 1,752,000 71,000 221,400 96,000 2,481,000 Required: a. Calculate the difference between current assets and current liabilities for Gary's TV at December 31, 2016. Difference b. Calculate the total assets at December 31, 2016. Total assets c. Calculate the earnings from operations (operating income) for the year ended December 31, 2016. Operating income d. Calculate the net income (or loss) for the year ended December 31, 2016. e. What was the average income tax rate for Gary's TV for 2016? Average income tax rate 1% f. If $385,600 of dividends had been declared and paid during the year, what was the January 1, 2016, balance of retained earnings? Retained earnings