1. From the data given below, calculate the Retained Earnings balance as of December 31, 2019. Retained Earnings, December 31, 2018 Cost of equipment purchased during 2019 Net Income for the year ended December 31, 2019 Dividends declared and paid in 2019 Decrease in Supplies in 2019 Increase in Equipment in 2019 $500,000 200,000 45,000 70,000 25,000 42,000 2. At the beginning of the current fiscal year, Surrey Corp.'s balance sheet showed assets of $400,000 and Liabilities of $350,000. During the year, liabilities increased by $25,000. Net Income for the year was $240,000, and Stockholders' Equity at the end of the year were $250,000. There were no changes in paid-in capital during the year. Calculate the dividends, if any, declared during the year. Calculate the total assets at the end of the year