Preparing a Balance Sheet, Computing Net Income, and Understanding Equity Transactions At the beginning of 2018, Barth Company reported the following balance sheet. Assets Liabilities Cash $4,800 Accounts Payable $12,000 Accounts Receivable 14,700 Equity Equipment Land 10,000 Common Stock 47,500 50,000 Retained Eamings 20,000 Total Assets $79,500 Total Liabilities and Equity $79,500 Required a. At the end of 2018, Barth Company reported the following assets and liabilities: Cash, $8,800; Accounts Receivable, $18,400; Equipment, $9,000; Land, $50,000; and Accounts Payable, $7,500. Prepare a year-end balance sheet for Barth. (Hint: Report equity as a single total.) BARTH COMPANY Balance Sheet Cash Accounts Receivable Equipment Land Total Assets December 31, 2018 Assets Liabilities $ 8,800 Accounts Payable 18,400 7,500 9,000 Equity 50,000 Stockholders' Equity 78,700 $ 86,200 Total Liabilities and Equ $ 86,200 b. Assuming that Barth did not issue any common stock during the year but paid $12,000 cash in dividends, what was its net income or net loss for 2018?