These items are taken from the financial statements of Sunland Ltd. at December 31, 2018: Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Service revenue Buildings Cash Common shares Equipment Income tax expense $19,050 23,780 51,600 23,470 186,040 134,800 22,040 138,000 68,100 5,700 Interest expense Interest payable Land Long-term investments Mortgage payable Operating expenses Prepaid insurance Retained earnings, January 1 Supplies $4,300 3,900 197,370 30,970 108,000 159,680 1,600 119,520 1,240 Calculate net income and the ending balance of retained earnings at December 31, 2018. Net income $ $ 16360 Retained Earnings $ 119520 These items are taken from the financial statements of Sunland Ltd. at December 31, 2018: Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Service revenue Buildings Cash Common shares Equipment Income tax expense $19,050 23,780 51,600 23,470 186,040 134,800 22,040 138,000 68,100 5,700 Interest expense Interest payable Land Long-term investments Mortgage payable Operating expenses Prepaid insurance Retained earnings, January 1 Supplies $4,300 3,900 197,370 30,970 108,000 159,680 1,600 119,520 1,240 Calculate net income and the ending balance of retained earnings at December 31, 2018. Net income 16360 Retained Earnings $ 119520 Liabilities and Shareholders' Equity Irrent Liabilities