Marvin's Mechanical Repair Shop started the year with total assets of $60,000, total liabilities of $40,000, and retained earnings of $28,000. During the year, the business recorded $200,000 in auto repair revenues, $80,000 in expenses, and the company paid dividends of $15,000. 1. The net income reported by Marvin's Mechanical Repair Shop for the year was: HIL : DAAAR NI= ReV penses =200,00080,000 Net income =120,000 2. Marvin's balance of stockholders' equity at the start of the year was: 3. Marvin's balance of retained earnings at the end of the year was