The information presented here represents selected data from December 31, 2022, balance sheets and income statements for the year then ended for three firms Required Calculate the missing amounts for each firm Firm A Firm B Firm C Total assets, 12 31 22 $406,000 $537,000 $332,000 Total liabilities, 12 31 22 223,000 135,000 Paid in capital, 12 31 22 80,000 37,000 Retained earnings, 12 31 22 316,000 Net income for 2022 80,000 117,000 Dividends declared and paid during 2022 56,000 18,000 70,000 Retained earnings, 1 1 22 68,000 50,000

Question: The information presented here represents selected data from December 31, 2022, balance sheets and income statements for the year then ended for three firms. Required:

The information presented here represents selected data from December 31, 2022, balance sheets and income statements for the year then ended for three firms. Required: Calculate the missing amounts for each firm.

	Firm A	Firm B	Firm C
Total assets, 12/31/22	$406,000	$537,000	$332,000
Total liabilities, 12/31/22	223,000	135,000
Paid-in capital, 12/31/22	80,000		37,000
Retained earnings, 12/31/22		316,000
Net income for 2022		80,000	117,000
Dividends declared and paid during 2022	56,000	18,000	70,000
Retained earnings, 1/1/22	68,000		50,000

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