The records of Meehan Company show the following at December 31, 2016:

Requirements
1. Compute the missing amount for Meehan Company. You will need to determine Retained Earnings, December 31, 2016, and total stockholders' equity.
2. Did Meehan earn a net income or suffer a net loss for the year? Compute the amount.

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Beginning: Assets Liabilities Ending: Assets Liabilities Equity: Common Stock Dividends Revenues Expenses Retained Earnings, Jan. 1, 2016 $64,000 44,000 S 13,000 4,000 257,000 $54,000 39,000 7,000