Ken Young and Kim Sherwood organized Reader Direct as a corporation: each contributed $50,000 cash to start the business and received 4000 shares of stock. The store completed its first year of operations on December 31, 2014. On that date, the following financial items for the year were determined: cosh on hand and in the bank. $45,500: amounts due from customers from sales of books, $28.000; equipment, $49.000 amounts owed to publishers for books purchased. $8.500: one-year note payable to a local bank for $4.500. No dividends were declared or paid to the stockholders during the yeor value: 1.50 points Required 1.Complete the following balance sheet at December 31, 2014 READER DIRECT Balance Sheet At December 31, 2014 Assets Liabilities Cash Accounts Receivable Equipment Accounts Payable Note Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings 9.500 Total Stockholders Equity Total Liabilities and Stockholders Equity Total Assets value: 1.50 points 2.Using the retained eamings equation and an opening balance of S0. compute the amount of net income for the year ended December 31, 2014 Hints References eBook & Resources Hint#1 Check my work 1.50 points 3. As of December 31 f the financing for assets come from creditors d tors 4. Assuming that Reader Direct generates net income of $8,500 and pays dividends of $3, 100 in 2015, what would be the ending Retained Earnings balance at December 31, 2015