Part 2: Problem Solving Use the following information regarding Miley Corporation to answer questions (a) and (b). Miley Corporation had the following balance sheet data: Cash $500 Accounts Payable $300 Accounts Receivable $100 Salary Payable $100 Equipment Land ? $200 Common Stock Retained Earnings $500 ? (a) If the balance of the Equipment account was $300, what would be the balance of the Retained Earnings account? (b) If the balance of the Equipment account was $500, and $100 of the Accounts Payable account was paid in cash, what would be the balance of the Retained Earnings account? A corporation begins the year with a Retained Earnings balance of $200,000 and ends the year with a Retained Earnings balance of $300,000. During the year the company earned Net Income of $175,000. What is the value of the company's Dividends Declared for the year? 2