Question 4 of 4 - / 15 View Policies Current Attempt in Progress These items are taken from the financial statements of Blossom Ltd. at December 31, 2021: Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Cash Common shares Equipment Income tax expense Interest expense Interest payable Land Long-term investments Mortgage payable Operating expenses Prepaid insurance Retained earnings, January 1 Service revenue Supplies $25,050 22,780 48,600 20,470 133,800 26,040 141,000 65,100 6,900 4,700 3,400 201,570 26,970 106,000 159,680 1,700 120,520 186,040 1,840 (a) Calculate net income and the ending balance of retained earnings at December 31, 2021. Net income $ Retained Earnings $ Save for Later Attempts: 0 of 2 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. Question 4 of 4 7.5 / 15 III Prepare a statement of financial position. Assume that the company will pay $34,500 of the mortgage payable in 2022. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment.) BLOSSOM LTD. Statement of Financial Position Assets $ Question 4 of 4 7.5 / 15 III $ > Liabilities and Shareholders' Equity $ Question 4 of 4 7.5 / 15