Can you explain how you did each step. I am particularly confused on how to find common stock and retained earnings on the balance sheet. I get that Assets = Liabilities + Stockholders' Equity. But I don't know how to find the values of the common stock and the retained earnings. I know that both added up should = 63000. Assets - Liabilites = stockholders equity = 63000.

Exercise 1-9 Here are incomplete financial statements for Donavan, Inc. Calculate the missing amounts. DONAVAN, INC. Balance Sheet Assets $13,000 Cash 16,000 Inventory 39,000 Buildings $68,000 Total assets Liabilities and Stockholders' Equity Liabilities $5,000 Accounts payable Stockholders' Equity (a) Common stock (b) Retained earnings $68,000 Total liabilities and stockholders' equity DONAVAN, INC. Income Statement $84,700 Revenues (c) Cost of goods sold 10,180 Salaries and wages expense (d) Net Income DONAVAN, INC. Retained Earnings Statement $18,000 Beginning retained earnings (e) Add: Net income 4,380 Less: Dividends $33,000 Ending retained earnings