Midterm : Acc 2301 Spring 2021 1. Complete the December 31, 2016 (first year of operation) Balance sheet for Lincoln Company using the following information: (a) Retained earnings at December 31, 2016 was $51,000. (b) Total stockholders' equity at January 1, 2016 was $139,000. (c) On December 30, 2016, additional capital stock was sold for cash, $55,000 (d) The land and building were purchased on December 30, 2016 for $150,000. Lincoln Company Balance Sheet December 31, 2016 $ 80,000 Assets Cash Accounts receivable Land Buildings Equipment 112,000 ? 30,000 Liabilities & Stockholders' Equity Liabilities: Notes payable Accounts payable 45,000 Total liabilities Stockholders' equily: Capital Stock Retained earnings Total liabilities and $ 390,000 stockholders' equity Total assets