The income statement for Delta tec Inc for the year ended

The income statement for Delta-tec Inc. for the year ended December 31, 2016, was as
follows:Delta-tec Inc.Income Statement (selected items)For the Year Ended December 31,
2016Income from operations ............................................. $299,700Gain on sale of investments
......................................... 17,800Less unrealized loss on trading investments ......................
72,500Net income ............................................................. $245,000The balance sheet dated
December 31, 2015, showed a Retained Earnings balance of $825,000. During 2016, the
company purchased trading investments for the first time at a cost of $346,000. In addition,
trading investments with a cost of $66,000 were sold at a gain during 2016. The company paid
$65,000 in dividends during 2016.a. Determine the December 31, 2016, Retained Earnings
balance.b. Provide the December 31, 2016, balance sheet presentation for Trading
Investments.View Solution: The income statement for Delta tec Inc for the year ended
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