Mahomes Company reported the following data at the end of its first year of operations on December

$($a$)$ Prepare its year$-$end statement of retained earnings. Hint. Retained Earnings on January $1$ was $$0.$

$($b$)$ Prepare its year$-$end balance sheet, using retained earnings calculated in part a$.$

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Prepare its year$-$end balance sheet, using retained earnings calculated in part $a.$