(What is the answer to Question F?)

Gary's TV had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year then ended. Interest expense $ 6,300 Paid-in capital 24, 480 Accumulated depreciation 6,680 Notes payable (long-term) 71, 980 Rent expense 14, 480 Merchandise inventory 142, 080 Accounts receivable 55, 090 Depreciation expense 3,380 Land 55,090 Retained earnings 170, 580 Cash 23, 580 Cost of goods sold 256, 080 Equipment 46, 090 Income tax expense 84, 090 Accounts payable 49, 080 Net sales 490, 080 Required: a. Calculate the difference between current assets and current liabilities for Gary's TV at December 31, 2019. b. Calculate the total assets at December 31, 2019. c. Calculate the earnings from operations (operating income) for the year ended December 31, 2019. d. Calculate the net income (or loss) for the year ended December 31, 2019. =. What was the average income tax rate for Gary's TV for 2019? f. If $23,000 of dividends had been declared and paid during the year, what was the January 1, 2019, balance of retained earnings? a. Difference 171,500 b. Total assets 314,900 C. Operating income 5 216,300 d. Net income S 126,000 e. Average income tax rate 40 % f. Retained eamings