3. The following is some information gleaned from the books of Blatz Inc. for the month of May Inventory units purchased 12,000 Inventory units sold 11.000 Inventory purchase price/unit $10 Inventory selling price/unit S18 Cash 45.000 Equipment purchase (paid) 7.500 Tax instalment paid 250 Wage expense 25,000 Depreciation expense 1,660 Rent expense 5,600 Interest expense 1,200 Dividend paid 4,500 Opening retained earnings 27.500 Accounts receivable 7.900 All cash expenses and inventory purchases were paid for during the month incurred. The tax rate was 40% Required: Based on the given information, prepare a Cash Payments Schedule an Income Statement, and a Statement of Retained Earnings