Popes Garage had the following accounts and amounts in its financial statements on December 31, 2016. Assume that all balance sheet items reflect account balances at December 31, 2016, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable $ 32,500 Depreciation expense 11,000 Land 24,600 Cost of goods sold 87,500 Retained earnings 56,400 Cash 9,700 Equipment 68,500 Supplies 5,400 Accounts payable 22,800 Service revenue 26,500 Interest expense 3,900 Common stock 9,000 Income tax expense 13,904 Accumulated depreciation 41,000 Long-term debt 38,000 Supplies expense 12,900 Merchandise inventory 26,500 Sales revenue 152,000 Required: a. Calculate the total current assets at December 31, 2016. b. Calculate the total liabilities and stockholders equity at December 31, 2016. c. Calculate the earnings from operations (operating income) for the year ended December 31, 2016. d. Calculate the net income (or loss) for the year ended December 31, 2016. e. What was the average income tax rate for Popes Garage for 2016? f. If $17,500 of dividends had been declared and paid during the year, what was the January 1, 2016, balance of retained earnings?