Use the following information to answer the next four questions: A company started the year with the following: Cash $150,000; Accounts Receivable $50,000, Accounts Payable $40,000, Notes Payable $20,000; Contributed Capital $100,000; Retained Earnings $40,000. During the year, the following occurred: Earned revenue of $10k, all of which was received in cash (no inventory was involved) Borrowed $10k (ignore interest expense at the end of the period) Incurred expenses of $5,000, all of which was unpaid as of the end of the year. 1. What was the amount of net income for the year? Show your calculation. 2. The amount of Retained Earnings at the end of the year is (assume closing entries were already made): 3. The amount of total liabilities at the end of the year is: 4. The amount of total assets at the end of the year is: