Page 2 of 4 3. Below is the balance sheet for Glucose Control Company as of Dec. 31, 2015. The company reported an annual net income of $86,000 for the following year, 2016, but did not change its or tiabilities, unless otherwise noted. assets Liabilities and Equity Cash Marketable securities2,000 Notes payable Accounts receivable6,000Current liabilities Inventory Current assets Machines Real estate Fixed assets Total assets 8,000 Accounts payable 16,000 22,000 45,000 Long-term debt 95,000 117,000 20,000 80,000 Retained earings 38,000 58,000 175,000Total liab. & equity 175,000 61,000 Total liabilities 34,000 Paid-in capital 114,000 Equity a. If the company distributed its entire net income as dividends, what would be the value of total equity on Dec. 31, 2016? b. If the company distributed half of its net income as dividends and used the rest to invest in nevw machines, what would be the value of total equity on Dec. 31, 2016? c. If the company didn't pay any dividends, but used the entire net income to pay back long-term debt, what would be the value of total equity on Dec. 31, 2016? d. If the company distributed half of its net income as dividends, used the rest to invest in new machines and sold all its marketable securities to pay back some long-term debt, what would be the value of total equity on Dec. 31, 2016? 4. Emily Lim owns and runs an ice cream parlor in San Diego l ast vear she had sales f S61000o