E 2-5 LOTO LO 2 Computing Elements of Equity From the information provided, determine 1. The amount of retained earnings at December 31. 2. The amount of revenues for the period. December 31 Totals January 1 $ 15,000 240,000 125,000 70,000 60,000 $ 25,000 220,000 85,000 Current assets Al other assets Liabilities Low Capital stock Retained earnings Additional data: Expenses for the period were $55,000. Dividends paid were $9,000 Capital stock increased by $20,000 during the period