National Shops, Inc. reported the following amounts on its balance sheet as of December 31, 2017: Inventory Notes payable Cash Common stock Net property, plant, and equipment Accounts receivable Accounts payable Retained earnings $ 975,000 300,000 450,000 2,250,000 1,800,000 90,000 135,000 2 Questions: 1. What is the amount of National's total assets as of December 31, 2017? (2 Points) 2. Identify the items listed above that are liabilities. (2 Points) 3. What is the amount of National's retained earnings as of December 31, 2017? (4 Points) 4. Prepare a balance sheet for National as of December 31, 2017. (7 Points)