Please show workLena Company has provided the following data (ignore income taxes): 2016 revenues were $77,000. 2016 expenses were $48, 600. Dividends declared and paid during 2016 totaled $7, 700. Total assets at December 31, 2016 were $185,000. Total liabilities at December 31, 2016 were $105,000. Common stock at December 31, 2016 was $27,000. Which of the following is correct? 2016 net income was $20, 700 Retained earnings at December 31. 2016 were $53,000. Total stockholders’ equity at December 31. 2016 was $244,000. Retained earnings at December 31. 2016 were $20, 700.Show transcribed image text Lena Company has provided the following data (ignore income taxes): 2016 revenues were $77,000. 2016 expenses were $48, 600. Dividends declared and paid during 2016 totaled $7, 700. Total assets at December 31, 2016 were $185,000. Total liabilities at December 31, 2016 were $105,000. Common stock at December 31, 2016 was $27,000. Which of the following is correct? 2016 net income was $20, 700 Retained earnings at December 31. 2016 were $53,000. Total stockholders’ equity at December 31. 2016 was $244,000. Retained earnings at December 31. 2016 were $20, 700.
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