These items are taken from the financial statements of Sunland Ltd. at December 31, 2018: Accounts payable $19,050 Interest expense $4,300 Accounts receivable 23,780 Interest payable 3,900 Accumulated depreciation-buildings 51,600 Land 197,370 Accumulated depreciation-equipment 23,470 Long-term investments 30,970 Service revenue 186,040 Mortgage payable 108,000 Buildings 134,800 Operating expenses 159,680 Cash 22,040 Prepaid insurance 1,600 Common shares 138,000 Retained earnings, January 1 119,520 Equipment 68,100 Supplies 1,240 Income tax expense 5,700 Your answer is correct. Calculate net income and the ending balance of retained earnings at December 31, 2018. Net income +A 16360 $ Retained Earnings $ 135880