On January 1, 2016, the following information was drawn from the accounting records of Carter Company: cash of $350; land of $2,250; notes payable of $650; and common stock of $1,300.

a. As of January 1, 2016, what percent of the assets were acquired from retained earnings? (Round your answer to 1 decimal place.) b. Create an accounting equation using percentages instead of dollar amounts on the right side of the equation. (Round your percentage answers to 1 decimal place.)

c. During 2016, Carter Company earned cash revenue of $620, paid cash expenses of $360, and paid a cash dividend of $56. (Hint: It is helpful to record these events under an accounting equation before preparing the statements.) (Enter any decreases to account balances with a minus sign. Select "NA" if there is no effect on the "Account Titles for Retained Earnings".)

d. Prepare an income statement dated December 31, 2016.