$\mathrm{<br>[}$At December $31,2020],[$Assets$,$Liabilities$],[$Cash$,$$$,52,450,$Accounts payable,$$,10,700],[$Property and equipment,,$68,250,$Note payable,,$6,900],[$Accounts receivable][    $32,750,,,],[,,,,],[,,,,],[,,,,],[,,,,],[,,$Total liabilities,,$17,600],[,,$Shareholders' equity$],[,,$Retained earnings,,$15,800],[,,$Contributed capital,,$120,050],[,,,,],[,,$Total shareholders' equity,,$135,850],[$Total assets,$$,153,450,$Total liabilities & shareholders' equity,$$,153,450]]$

Using the retained earnings equation and an opening balance of $$0,$ work backward to compute the amount of net income for the year that ended December $31,2020.$

Net income

 

Cash Property and equipment Accounts receivable READER DIRECT Balance Sheet At December 31, 2020 Assets Liabilities $ 52,450 Accounts payable $ 10,700 68,250 Note payable 6,900 32,750 Total liabilities 17,600 Shareholders' equity Retained earnings Contributed capital 15,800 120,050 Total shareholders' equity 135,850 Total assets $ 153,450 Total liabilities & shareholders' equity $ 153,450 2. Using the retained earnings equation and an opening balance of $0, work backward to compute the amount of net income for the year that ended December 31, 2020. Net income