Here are incomplete financial statements for Garrett, Inc.: Calculate the missing amounts. Note that you might not be able to solve for all items in order.

Assets Cash Inventory Building GARRETT, INC. Statement of Financial Position December 31, 2020 Liabilities and Shareholders' Equity Liabilities Accounts payable Shareholders' equity $6,250 12,500 56,250 $ 6,250 Common shares (a) Retained earnings (b) Total assets $75,000 Total liabilities and shareholders' equity $75,000 GARRETT, INC. Statement of Income Year Ended December 31, 2020 Sales revenue $85,000 Cost of goods sold (c) Operating expenses 12,500 Net income before income tax (d) Income tax expense 6,250 Net income $ $ (e) GARRETT, INC. Statement of Changes in Equity Year Ended December 31, 2020 Retained Earnings Common Shares Total Equity Balance, Jan. 1 $6,250 $12,500 $18,750 (f) (f) (e) (e) Issued common shares Net income Dividends declared Balance, Dec.31 (6,250) (6,250) $ (a) $25,000 $ g)