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 $ 55,000 32,800 106,900 90,000 139,500 0 146, 700 11,100 30,500 18,200 33,800 8,000 15,300 11,300 36,700 157,800 26,100 18,000 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 $ 31,000 35, 300 12,000 62,400 95, 200 157,000 2. Prepare a statement of retained earnings for 2016. 2. Prepare a statement of retained earnings for 2016. NICE BITE, INC. Statement of Retained Earnings For the Year Ended December 31, 2016 Retained Earnings, January 1, 2016 Add: Net Income Retained Earnings, Decemeber 31, 2016 38,100 38,100 $