Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $59.000 cash to stort the business and received 4,000 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: cash on hand and in the bank, $54,500; amounts due from customers from sales of books, $28,900; equipment, $58,000: amounts owed to publishers for books purchased, $9.400, one-year note payable to o local bank for $5.850 No dividends were declared or paid to the stockholders during the year value: 1.50 points Required 1.Complete the following balance sheet at December 31. 2014. READER DIRECT Balance Sheet At December 31, 2014 Assets Liabilitie s Cash Accounts Receivable Equipment Accounts Payable Note Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings 8.150 8.150 So Total Liabilities and Stookholders' EquityS.150 Total Stockholders Equity Total Assets 2.Using the retained earnings 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 va ve 1.50 points 3. As of December 31,2014, did most of the financing for assets come from oreditors or stockholders? Creditors Stockholders