On May 1, Park Flying School, a company that provides flying lessons, was started with an investment ofW45,000 cash in the business. Following are the assets and liabilities of the company on May 31, 2014, and the revenues and expenses for the month of May (all amounts in thousands).

No additional investments were made in May, but the company paid dividends of W500,000 during the month.

Instructions
(a) Prepare an income statement and a retained earnings statement for the month of May and a statement of financial position at May 31. (Show numbers in thousands.)
(b) Prepare an income statement and a retained earnings statement for May assuming the following data are not included above: 

(1) W900,000 of revenue was earned and billed but not collected at May 31, and 

(2) W1,500,000 of gasoline expense was incurred but not paid.

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Cash Accounts Receivable Equipment Service Revenue Advertising Expense Accounts Payable Notes Payable Rent Expense W 4,500 #28,000 1,200 7,200 64,000 6,800 500 Maintenance and Repairs Expense Gasoline Expense Utilities Expense 400 2,500 1,400 400