Using the trial balance given in PE 3-20, prepare a balance sheet. Note: The ending retained earnings balance is equal to the beginning balance (assume $0) plus the amount of net income less the amount of dividends.

Data from PE 3-20

Debit Credit $ 68,000 126,000 216,000 90,000 200,000 Cash Accounts Receivable Inventory Land. Building Accounts Payable . Loan Payable Capital Stock $ 150,000 270,000 250,000 Dividends 17,000 Sales Revenue 370,000 Cost of Goods Sold. Utilities Expense. Rental Expense. 244,000 54,000 25,000 Totals . $1,040,000 $1,040,000