The December 31, Year 4, balance sheet for Fanning Corporation is presented here. These are the only accounts on Fanning's balance sheet Amounts indicated by question marks can be calculated using the following additional information TING CORPORATION Balance Sheet As of December 11 Year 4 Assets Cach $ 35,000 Accounts receivable (net) Loventory Property, plant, and equipment (net) 295,000 $442,000 Liabilities and Stockholders' Equity Accounts payabi (trade) Incont payable (current) 35,000 Lotere debt Conon stock 101.000 Utained earnings 1.4 61.0 Current rate Cat yere end) Total 1st Yotal sedersity Goginen wetry turaver (Cost of woods sold Ending inventory Gessatin for Year 11. Het $110.000 Required o. Compute the balance in the accounts payable as of December 31 Year 4 b. Comoute the balance in retained eamings as of December 31 Year c. Compte balance in the inventory account of December 31 Year 4. Assume that the level of inventory did not change from last years Additional Information Current ratio (at year end) Total liabilities total stockholders equity Gross nargin parco taste Inventory turnover (Cost of boods sold Ending inventory) Gross margin for Year 4 1.4 to 1.2 70% 3 11.2 tles $330,000 Required a. Compute the balance in trade accounts payable as of December 31, Year 4 b. Compute the balance in retained earnings as of December 31, Year 4 c. Compute the balance in the inventory account as of December 31, Year 4. (Assume that the level of inventory did not change from last year) (For all requirements, negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Accounts payable Retained ning Inventory