Review of Financial Statements Assignment #1 - See Canvas for due date Case 1 Revenues Case 2 Case 3 $220.000 Expenses $ 50,000 S 80.000 Net Income 70,000 Retained Earnings, Jan 1 300,000 180,000 120,000 Dividends declared 70,000 30,000 Retained Earnings, Dec 31 310.000 Current Assets, Dec 31 60,000 100,000 Noncurrent assets, Dec 31 600,000 300,000 Total assets, Dec 31 420,000 Current liabilities, Dec 31 50.000 20,000 Noncurrent liabilities, Dec 31 170,000 Total liabilities, Dec 31 140,000 Paid-in capital, Dec 31 520,000 210,000 120,000 Total SH Equity, Dec 31 430,000 210,000 Feel free to use the financial statement template to solve for the missing numbers, but be sure to record your answers in the spaces above before submitting this assignment. Please answer the following problems on a separate page, not crammed into the space between the questions! I squeezed them together to discourage that. Also, clearly identify your answer and answer any questions asked. Be sure to show your work as demonstrated in the video notes. 1. During 2020, Haveno, Inc.'s assets rose by S7 million and its liabilities rose by S4 million During the year it repurchased $2 million of common stock. Assuming net income for the period of $11 million, what was the amount of dividends declared during the year? 2. Boron's assets rose by $5 million and its liabilities rose by $3 million in 2020. Also that year, it issued $2 million of common stock. Assuming dividends declared during the year were $2 million, what was the amount of net income for the period? 3. During 2020. Axel, Inc.'s assets rose by $17 million while its liabilities fell by $4 million. Also during that year, it issued common stock. Assuming net income for the year of $7 million, and dividends declared of $3 million, what were the proceeds of the stock issue? 4. Brownco's assets rose by $6 million in 2020. Also that year, it repurchased $2 million of common stock. If its net income for the year was $5 million and it distributed 40% of that as cash dividends, what must have happened to its liabilities during the year