Here are incomplete financial statements for Liam, Inc. Assets Cash Inventory Buildings Total assets $ 7,000 10,000 45,000 $62,000 LIAM, INC. Balance Sheet Liabilities and Stockholders' Equity Liabilities Accounts payable $ 5,000 Stockholders' equity Common stock (a) Retained earnings (b) Total liabilities and stockholders' equity $62,000 Income Statement Revenues $85,000 Cost of goods sold (c) Salaries and wages expense 10,000 Net income $ (d) Retained Earnings Statement Beginning retained earnings $12,000 Add: Net income Less: Dividends 5,000 Ending retained earnings $27,000 Instructions Calculate the missing amounts