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. 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 $ 56,000 33,800 106,400 89,000 135,500 0 147,700 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 long-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. Prepare a statement of retained earnings for 2016. NICE BITE, INC. Statement of Retained Earnings Retained Earnings, January 1, 2016 Retained Earnings, Decemeber 31, 2016 $