These items are taken from the 2016 Financial Statements of Cranberry Inc., whose fiscal year ended Dec. 31: Retained Earnings Utilities Expense Equipment Accounts Payable Cash Common Stock Salaries Payable Dividends Service Revenue Prepaid Insurance Repairs Expense $16,000 Depreciation Expense 1,700 Accounts Receivable 13,000 Insurance Expense 13,300 Salaries Expense 13,600 Accumulated Depreciation (Equipment) 20,000 Rent Expense 3,000 Income Tax Expense 2,000 Supplies 65,000 Supplies Expense 3,500 Notes Payable, due in 2012 1,800 Short-term investments 2,600 13,500 2,200 35,000 5,600 12,000 3,000 1,000 700 5,000 22,300 a. What Net Income did Cranberry Inc. have in 2016? Prepare a single-step formal financial statement, using appropriate formatting. b. What was Cranberry's new retained earnings balance as at Dec. 31, 2016? Prepare a formal Statement of Retained Earnings using appropriate formatting. C. Prepare, in proper format, a Classified Balance Sheet for Cranberry, dated Dec. 31, 2016