Gray Corporation began operations on January 1, 2017. The following information is available for Gray Corporation on December 31, 2017. (LO 3)

Accounts payable $ 5,000 Notes payable $ 7,000 Accounts receivable 2,000 Rent expense 10,000 Advertising expense 4,000 Retained earnings ?

Cash 3,100 Service revenue 25,000 Common stock 15,000 Supplies 1,900 Dividends 2,500 Supplies expense 1,700 Equipment 26,800 Prepare an income statement, a retained earnings statement, and a balance sheet for Gray Corporation.