The bookkeeper for Careless Company accidentally pressed the wrong computer key and erased the amount of Retained Earnings. You have been asked to analyze the following data and provide some key numbers for the board of directors meeting, which is to take place in 30 minutes. With the exception of Retained Earnings, the following account balances are available at December 31, 2003. “SCs hiseeeee eerie ens ec arenes $122,000 “ Accounts Receivable .......... $ 98,000 SiPUMMiRUReN MONE sc ce tec 52. BOy000 MN Inventory. acs ee eee 320,000 AGcounissmavableie .. ae 240,000 Notes:Pavable:. = etetesistak = lela 500,000 Pane meee Bates 8 520,000 “Supplies on Hand ............ 20,000 SSIBUNGINGSi(Net)iecnseemie ne. eo ucit 480,000 Capital: Stocks nice. tk eee 600,000 ~ Sales Revenue.............. 830,000 DIVIGEN Shs wren hos ee40,000 ~ Salaries EXpenS@i san ao «sar oi: 100,000 Retained! Earnings. 2. ..-<) tne 2 = Cost of Goods sold ).......... 440,000 Required: le De a 4, Compute the amount of total assets at December 31, 2003. Compute the amount of net income for the year ended December 31, 2003. After all closing entries are made, what is the amount of Retained Earnings at December 31, 2003? What was the beginning Retained Earnings balance at January 1, 2003?