These items are taken from the financial statements of Martin Corporation for 2017.

Instructions Prepare an income statement, a retained earnings statement, and a classified balance sheet as of December 31, 2017.

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Retained earnings (beginning of year) $31,000 Utilities expense 2,000 Equipment 66,000 Accounts payable 18,300 Cash 10,100 Salaries and wages payable 3,000 Common stock 12,000 Dividends 12,000