Problem 2-20 (Static) Understanding and analyzing financial statement relationships-merchandising organization LO 2-2, 2-3, 2-4 Gary's TV had the following accounts and amounts in its financial statements on December 31, 2022. Assume that all balance sheet items reflect account balances at December 31, 2022, and that all income statement items reflect activities that occurred during the year then ended. Interest expense Paid-in capital Accumulated depreciation Notes payable (long-term) $ 4,500 10,000 3,000 35,000 9,000 106,000 Rent expense Merchandise inventory Accounts receivable 28,000 Depreciation expense 1,500 Land 19,000 Retained earnings 122,000 20,000 220,000 Equipment 10,000 30,000 13,000 310,000 Cash Cost of goods sold Income tax expense Accounts payable Net sales Required: a. Calculate the difference between current assets and current liabilities for Gary's TV at December 31, 2022. b. Calculate the total assets at December 31, 2022. c. Calculate the earnings from operations (operating income) for the year ended December 31, 2022. d. Calculate the net income (or loss) for the year ended December 31, 2022. e. What was the average income tax rate for Gary's TV for 2022? f. If $32,000 of dividends had been declared and paid during the year, what was the January 1, 2022, balance of retained earnings? a. Difference b. Total assets c. Operating income d. Net income e. Average income tax rate f. Retained earnings $ 141,000 %