Little Folks Baseball Ltd. Balance Sheet 31 December 2016 Assets Amount () Debits Credits Cash 56,000 Accounts Receivable 80,000 Land 600,000 Total Assets 736,000 Liabilities and Stockholders' Equity Liabilities: Accounts Payable 64,000 Stockholders' Equity Capital Stock 400,000 Retained Earnings 272,000 Total Liabilities and Stockholders' 736,000 Equity The summarized transactions for the year are as follows: . . . . . . Issued additional capital stock for cash, 200,000 Collected 80,000 on accounts receivable Paid 64,000 on accounts payable Received membership fees from parents (non-refundable): in cash, 260,000, anc account, 120,000 Incurred operating expenses for cash, 60,000 and on account, 160,000 Paid dividends of 16,000 Purchased more land for cash, 96,000 Placed an order for new equipment expected to cost 120,000 Required 1. Profit and Loss account for the year ended 31 December 2017 2. Prepare a statement of retained earnings for the year ended 31 December 2017 3. Prepare a Balance Sheet as on 31 December 2017