! Required information E1-5 (Algo) Completing a Balance Sheet and Inferring Net Income LO1-1 [The following information applies to the questions displayed below.] Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $70,400 cash to start the business and received 4,200 shares of common stock. The store completed its first year of operations on December 31, current year. On that date, the following financial items for the year were determined: December 31, current year, cash on hand and in the bank, $70,050; December 31, current year, amounts due from customers from sales of books, $41,500; unused portion of store and office equipment, $78,500; December 31, current year, amounts owed to publishers for books purchased, $13,500; one-year note payable to a local bank for $3,500. No dividends were declared or paid to the stockholders during the year. E1-5 Part 2 2. What was the amount of net income for the year? (Hint: Use the retained earnings equation [Beginning Retained Earnings + Net Income - Dividends = Ending Retained Earnings] to solve for net income.) Amount of net income