118. The Maryland Corporation was started on January 1, 2016, with the issuance of $50,000 of stock. During 2016, the company provided $75,000 of services on account and collected $68,000 of that...

118. The Maryland Corporation was started on January 1, 2016, with the issuance of $50,000 of stock. During 2016, the company provided $75,000 of services on account and collected $68,000 of that amount. Maryland incurred $63,000 of expenses, and paid $50,000 of that amount during 2016. On December 31, 2016, Maryland paid investors a $2,000 cash dividend and accrued $4,000 of salary expense.
Required:

1) What is the net income for year ended December 31, 2016?
2) Prepare Maryland Corporation's Statement of Cash Flows for the year ended December 31, 2016. Precede a cash outflow amount with a minus sign.
3) What is the balance in Maryland's retained earnings account after closing entries are made on December 31, 2016?