Help Save & Exit Sub Check my work d Kim Sherwood organized Reader Direct as a corporation, each contributed $58,800 cash to start the business and received 4,800 shares. The store completed its first year of operations on December 31, 2017 On that date, the following financial items for the year were determined: cash on hand and in the bank, S51,900, amounts due from customers from sales of books, $32100, property and equipment, $66,000, amounts owed to publishers for books purchased, $10,400, one-year note payable to a local bank for $6.450. No dividends were declared or paid to the shareholders during the year Required: 1. Complete the balance sheet at December 31, 2017 READER DIRECT Balance Sheet At December 31, 2017 Assets Liabilities Total liabilties Shareholders equity 1of3 Next > Check m Total Eabilities Shareholders' equity 10 points Total shareholders' equity 0 Totall liabilities & shareholders' equity eBook Print References Total assets 2. Using the retained earnings equation and an opening balance of $0, work backward to compute the amount of net income for the year ended December 31, 2017 Prey 1 of 3 Next >