Problem 2 (5 points) The following information is available from the records of Timson Company at the end of the 2018 calendar year: L Accounts payable $ 6,500 Equipment $ 8,000 A Accounts receivable 9,000 FSalary expense 6,000 Rent expense 21,000 A Inventory 6,000 Revenues 66,000 SRE Retained earnings, A Cash 24,000 beginning of year 7,000 S& Capital stock 1.000 *** Dividends paid during the year 6,500 Required: Use the information above to answer the following questions: 1. What is Timson's net income for the year ended December 31, 2018? 2. What is Timson's retained earnings balance at the end of the year? 3. What is the total amount of Timsons assets at the end of the year