Presented below are the amounts of

(a) the assets and liabilities of Wilke Hardware Cor-poration as of December 31 and

(b) the revenues and expenses of the company for the year endedon that date. The items are listed in alphabetical order.

The beginning amount of retained earnings was \(\$ 50,000\), and during the year dividendswere \(\$ 70,000\).Required1. Prepare the entity's income statement for the year ended December 31 of the current year.2. Prepare the statement of retained earnings of the company for the year ended December 31.3. Prepare the balance sheet of the company at December 31 .

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Accounts payable..... $ 19,000 Land. Accounts receivable. Advertising expense.. Building. 12,000 Note payable. 13,000 Property tax expense. 170,000 Rent expense. Cash. 10,000 Salary expense. Common stock. 100,000 Salary payable Furniture 20,000 Service revenue. Interest expense... 9,000 Supplies.. $ 58,000 85,000 4,000 23,000 63,000 1,000 200,000 3,000