Accounts payable	$16,000
Accounts receivable	47,000
Accumulated Depreciation-Equipment	10,000
Common Stock	55,000
Cash	45,000
Depreciation Expense	2,000
Dividends	3,000
Equipment	70,000
Prepaid insurance	6,000
Rent expense	20,000
Retained earnings, January 1, 2016	80,000
Salary expense	28,000
Service Revenue	60,000

Required: Prepare an income statement, retained earnings statement, and the balance sheet the year ended December 31, 2016. You need to make sure you set up the appropriate titles for each financial statement and use the proper labeling on each of the statements.