The following information relates to Bonnie Billy Co. for the year 2022.

Instructions After analyzing the data, prepare an income statement and a retained earnings statement for the year ending December 31, 2022.

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Retained earnings, January 1, 2022 $67,000 Dividends Service revenue Salaries and wages expense Advertising expense $6,500 6,000 Rent expense 65,500 Utilities expense 29,000 9,500 1,400