ABC Corporation began operations on January 1, 2010. The following information was available for ABC Corporation on December 31, 2010:

Service revenue $ 17,000

Common stock $ 10,000

Accounts receivable $ 1,800

Accounts payable $2000

Retained earnings?

Building rental expense $ 9,000

Equipment $ 16,000 Notes payable $ 5,000

Insurance expense $ 1,000 Supplies $ 4,000

Supplies expense $ 200

Cash $ 1,400

Dividends $ 600

(a) Report the revenues and expenses for a period of time in an income statement.

(b) Show the amounts and causes (net income and dividends) of changes in retained earnings during the period in the retained earnings statement.

(c) Present the assets and claims to those assets at a specific point in time in the balance sheet.