Refer to PE 4-16. Using the adjusted trial balance prepared in part (2), prepare a balance sheet as of the end of the year. Note: The ending retained earnings balance is equal to the beginning balance plus the amount of net income less the amount of dividends.

Data from PE 4-16

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Debit Credit $ 87,000 144,000 192,000 210,000 Cash. Notes Receivable Prepaid Rent Building... Accounts Payable.. $165,000 225,000 200,000 90,000 Unearned Fee Revenue. Capital Stock.. Retained Earnings Dividends. 22,000 Fee Revenue 257,000 229,000 53,000 Wages Expense Utilities Expense. $937,000 $937,000 Totals. .