The records of Smith Company show the following at December 31, 2018 (Click the icon to view the data.) Read the requirements ... Requirement 1. Compute the missing amount for Smith Company. You will need to determine Retained Earnings, December 31, 2018 and to equity, December 31, 2018 Begin by determining total stockholders' equity. Rework the accounting equation and then solve for stockholders' equity ("equity") at the begin the period Assets Liabilities Equity 18.000 59,000 41,000 Beginning Ending 96,000 52,000 44,000 Identify the formula and then solve for the retained earnings balance at the end of the period Ending equity V Beginning equity Ending retained earnings Rearrange the formula to compute the change in retained earnings and then solve for the missing expense amount for Smith Company. (Abbre Beg retained earnings = Beginning retained earnings: End retained earnings = Ending retained earnings) V + Expenses Requirement 2. Did Smith earn a net income or suffer a net loss for the year? Compute the amount Identify the formula and then solve for Smith's net income or loss for the period. (Use a minus sign or parentheses for a loss.) Net income (loss) Assets & Liabilities: Equity: Beginning: Common Stock 10.000 Assets $ 59.000 Dividends 12.000 Liabilities 41,000 Revenues 257.000 Ending: ? Expenses Retained Earnings, January 1, $ 96,000 2018 Assets 8.000 Liabilities 52,000 Print Done