Required information [The following information applies to the questions displayed below.) The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc. $ 56,000 33,800 106,400 89,000 135,500 Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Prepaid Rent Office Expense Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable 147,700 11,200 30, 600 18,300 35,000 8, 100 15,400 11,800 36,800 159,800 26, 200 19,000 Other cash flow information: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase tong-term assets Cash paid to suppliers and employees Cash received from customers $ 32,000 36,500 12, 100 63,400 96,400 159,000 2.a. What is the amount of retained earnings as of December 31, 2016? Required information 2-a. What is the amount of retained earnings as of December 31, 2016? Retained earnings as of December 31, 2016 2-b. Did the retained earnings at December 31, 2016, arise primarily from current year earnings or earnings retained from prior years? Arise primarily from current year earnings Earnings retained from prior years. Approximately equal amounts of both. 2-c. What is your information source? Income Statement Statement of Retained Earnings Balance Sheet Required information 2-b. Did the retained earnings at December 31, 2016, arise primarily from current year ea Arise primarily from current year earnings. Earnings retained from prior years. Approximately equal amounts of both. 2-c. What is your information source? Income Statement Statement of Retained Earnings Balance Sheet Statement of Cash Flows