Vick Corporation has been in the business of delivering small packages for local companies within the city of Atlanta, Georgia, since 1960. The following information concerning financial activities during 2016 is available at December 31, 2016:

Delivery revenue	$380,000		Salary and wage expense	$82,000
Dividends declared and paid	85,000		Rent expense	43,000
Buildings	140,000		Land	60,000
Accounts payable	30,000		Accounts payable	30,000
Capital stock	105,000		Retained earnings,
Water, gas, and			January 1, 2016	42,000
electricity	28,000		Notes payable	34,000
Cash	56,000		Income tax expense	18,000

A.	Prepare an income statement for the year ended December 31, 2016.
B.	If you were a bank loan officer and Vick Corporation wanted to borrow $100,000 from your bank, would you lend the money? Explain.
C.	Calculate retained earnings at December 31, 2016.