The balance sheet items of Mercer Company as of December 31, 2011, follow in random order.
You are to prepare a balance sheet for the company, using a similar sequence for assets as illustrated in Exhibit 2€“9. You must compute the amount for RetainedEarnings.

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Exhibit 2-9 OVERNIGHT AUTO SERVICE BALANCE SHEET JANUARY 31, 2011 Liabilities & Owners' Equity Assets Cash Accounts Receivable Land Building Tools and Equipment $ 18,000 bilities: 1,200 52,000 36,000 12,000 Notes Payable Accounts Payable. 30,000 7,000 Total liabilities $ 37,000 Owners' equity: Capital Stock Retained Earnings . . $80,000 2,200 $ 82,200 $119,200 Total $119,200 Tota Land $90,000 43,800 56,700 36,300 Office Equipment Building Capital Stock Notes Payable... Retained Earnings 12,400 210,000 75,000 207,000 Accounts Payable. Accounts Receivable