Ireland Compary's budgeted bata for the upseming year showed lotal prejocted assots of 51,275,500 and total projected liablipes of 5812,000 , The balance of cominon shares for the year is projected to remain stable at $260,000. The sharoholders' equly soction of the batance sheet is mode up of comrose shares and retained eamings No cash dividends will be paid duing the year. leeland Company is budgeting net income for the year of 5158,500 . Prepse a budgeted balance sheet for end of the year What was the balance of retained earnings at the begining of the year? Prevare a budgeted balance aheet for end of the year