7) Use the following selected data for STERLING Co. to prepare an income stmt. & statement of retained earnings for 2019 (all accounts will not be used). Accounts payable 40,000 Notes payable 60,000 Accounts receivable 60,000 Rent expense 29,000 Advertising expense 36,000 Retained earnings 32,000 (beginning) Cash 87,000 Service revenue 375,000 Common stock 82,000 Supplies 3,000 Dividends 9,000 Supplies expense 18,000 Equipment 118,000 Wages expense 192,000 Insurance expense 45,000 Wages payable 80,000 STERLING Co. Income Statement For the year ended December 31, 2019 Net Income STERLING CO. Statement of Retained Earnings For the year ended December 31, 2019