of $500 (credit). Calculate the balance in retained earnings at January 1, year 1 Question 7 On January 20X1 Three Sheets to the Wind corp. was incorporated by Cal Culator who of course, ith a name like that, owns all the common shares. His original investment was $105,000 Transactions over the subsequent 3 years were.. January 02, 20X1 Throughout 20X1 Purchased 25 units for resale at $5,100 each Sold 14 units for an average of $8,100 each ember 31 20X1 Remaining eleven units have a selling market value of $6,100 each July 15 20X2 Throughout 20x2 Sold thirteen units at an average of $12,200 each ecember 31 20X2 Remaining three units have a selling market value of $10,100 each Throughout 20X3 Sold all three remaining units at $9, 100 each Bought five units for resale at $7,100 each Assume a FIFO inventory 1. Calculate accounting income, based on transactions for 20X1 through 20X3 2. Calculate economic income, based on events or changes in value for 20X1 through 20X3