Use the following information to answer questions 1 - 13 As of December 31, 2014 assets were $20, liabilities were $12 and paid-in-capital was $1. There was no treasury stock or accumulated other comprehensive income at either the beginning or ending of 2015. During the year revenues were $40, gains (net of losses) were $1, paid-in-capital increased by $2 and the company paid out dividends of $4. At the end of the year, equity was $22 and total liabilities were $20.

4) How much retained earnings was there at December 31, 2015?

6) How much net income was earned during the year ended 12/31/15?

7) How much were expenses during the year ended 12/31/15?