Return to question Exercise 1-24 (Static) Linking the statement of retained earnings and balance sheet LO P2 Mahomes Company reported the following data at the end of its first year of operations on December 31. Cash Equipment Land Accounts receivable Accounts payable $ 6,000 7,000 9,000 34,000 Common stock Dividends Net income. 3,000 15,000 22,000 60,000 (a) Prepare its year-end statement of retained earnings. Hint Retained Earnings on January 1 was $0. (b) Prepare its year-end balance sheet, using retained earnings calculated in part a Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Prepare its year-end balance sheet, using retained earnings calculated in part a. MAHOMES COMPANY Balance Sheet December 31 Liabilities Assets Accounts payable $3,000 Cash 6,000