The Kwan Company (whose CEO is Amber) started its business in 2018. One year later, the balance sheet for December 31, 2018 (fiscal year ending date), showed the following account balances (there were no other accounts listed): Accounts receivables 130, Accumulated depreciation 150, Common stock 470, Long-term Debt 400, Accounts payable 180, Wages payable 80, PP&E 450, Retained earnings (?), Inventory 310, Prepaid rent 240, Cash 330. During 2019 the following transactions occurred: The amount of collected cash from customers were $80. Inventory of $90 was purchased, of this amount, $50 was paid in cash. Sales, all on account, were $700. The employees of Ng earned $48 as wages, paid in cash. Payments on accounts payable were $100. Depreciation expense was $50. A dividend of $20 was paid with cash. The ending balance of inventory is 220. A long-term loan (or debt) in the amount of $50 was taken from a local bank. Collected $400 of cash from account receivables. Required: 1. What was the balance of retained earnings on December 31, 2018? 2. Record journal entries for all transactions that occurred during 2019. 3. Prepare an Income Statement for the year ended December 31, 2019. 4. Prepare a Balance Sheet for December 31, 2019.