Required information E1.4 (Static) Completing a Balance Sheet and Inferring Net Income [LO 1-2, LO 1-3] {The following information applies to the questions displayed below! Ken Young and Kim Sherwood organized Reader Direct as a corporation each contributed $49,000 cash to start the business and received 4,000 shares of stock. The store completed its first year of operations on December 31, 2020 On that date, the following financial items for the year were determined cash on hand and in the bank, $47500, amounts due from customers from sales of books $26.900: equipment. $40,000; amounts owed to publishers for books purchased. $8,000; one year notes payable to local bank for $2,850 No dividends were declared or paid to the stockholders during the year E1-4 (Static) Part 2 2. Using the retained earnings equation and an opening balance of $0 work backwards to compute the amount of net income for the year ended December 31, 2020