Mahomes Company reported the following data at the end of its first year of operations on December 31. Cash $ 7,000 Accounts receivable 8,000 Equipment 10,000 Land 37,000 Accounts payable 4,000 Common stock 20,000 Dividends 23,000 Net income 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