The following items are taken from the adiusted trial balance (assume normal balances) of the Dinkel Company for the year ending December 31, 2016. On a separate piece of paper, answer the following questions. 80,000 22,000 Note payable, due 12/31/18 Prepaid insurance (6-month policy) 5,000 9,000 Accounts payable Accounts receivable Accumulated depreciation - equipment Advertising expense 18,000 26,000 Rent expense 62,000 19,000 Retained earnings (1/1/16) 30,000 Cash Salaries expense 16,000 55,000 125,000 Common stock Service revenue Dividends 15,000 Supplies 3,000 5,500 Depreciation expense 11,000 Supplies expense 20,000 Equipment Patent 230,000 3,500 Insurance expense Wages payable 15,000 1) What is Net Income for the year? 2) What is Ending Retained Earnings (12/31/16)? 3) What are Total Current Assets? 4) What is the Book Value of the Equipment? 5) What type of asset is the Patent account? 6) What are Total Assets? Total assests on the balana 7) What are Total Current Liabilities? 8) What are Total Long-term Liabilities? 9) What are Total Liabilities? 10) What is Ending Stockholder Equity (12/31/16)? Sheets BONUS: (10 points) Prepare a Classified Balance Sheet in proper format on proper accounting paper. (see page 182 in your text)