Mahomes Company reported the following data at the end of its first year of operations on December 31 Cash Accounts receivable Equipment Land Accounts payable Common stock Dividends Net income $ 7,000 8,000 10,000 37,000 4,000 20,000 23,000 61,000 (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. Complete this question by entering your answers in the tabs below. Required A Required B Prepare its year-end statement of retained earnings. Hint: Retained earnings on January 1 was $0. MAHOMES COMPANY Statement of Retained Earnings For Year Ended December 31 Retained earnings, January 1 $ 0