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. GARRETT, INC. Statement of Financial Position December 31, 2020 Liabilities and Shareholders' Equity Assets Cash $7,750 Liabilities Inventory 15,500 Accounts payable $7,750 Building 69,750 Shareholders' equity Common shares ) (a) Retained earnings (b) ) Total assets $93,000 Total liabilities and shareholders' equity $93,000 GARRETT, INC. Statement of Income Year Ended December 31, 2020 Sales revenue $85,000 Cost of goods sold (c) Operating expenses 15,500 Net income before income tax (d) Income tax expense 7,750 Net income $ (e) e GARRETT, INC. Statement of Changes in Equity Year Ended December 31, 2020 Retained Earnings $15,500 Common Shares Total Equity Balance, Jan. 1 $7,750 $23,250 Issued common shares (f) f (f) Net income (e) (e) Dividends declared (7,750) (7,750) Balance, Dec.31 $ $ (a) $25,000 $ (g)