Question 1: For the year ending December 31,2018,Fritz Inc. reports net income $160,000 and dividends $85,000.Prepare the retained earning statement for the year assuming the balance in retained earnings on January 1,2018, was $240,000. (8 marks for retained earning statement;pr;2 marks for presentation=10 marks) Question 1: For the year ending December 31,2018,Fritz Inc. reports net income $160,000 and dividends $85,000.Prepare the retained earning statement for the year assuming the balance in retained earnings on January 1,2018, was $240,000. (8 marks for retained earning statement;pr;2 marks for presentation=10 marks)