Accounts receivable $ 6,000 Cash $ $ 7,000 12,000 6,000 Note payable... Retained earnings. Accounts payable ...... Advertising expense ? 2,000 -- 17,000 Service revenue 88,000 Common stock 31,000 Salaries expense Equipment Insurance expense Utilities expense 78,000 10,000 Rent expense 4,100 1,800 Supplies 1,000 ead the requirements. MIULUI LOTU, . Income Statement For the Year Ended December 31, 2018 Revenue: Service revenue 6,000 Expenses: Salaries expense Insurance expense Utilities expense Advertising expense 17,000 10,000 1,800 2,000 4 100 Rent aynonce 17,000 Salaries expense Insurance expense 10,000 Utilities expense Advertising expense 1,800 2,000 Rent expense 4,100 34,900 Total expenses Net income 28,900 Requirement 2b. Prepare the statement of retained earnings for Motor Cord, Inc., for the year SLAIL WILT UIC Caully and en PIELE LIV ICSI VILE SLAMCIL. Motor Cord, Inc. Statement of Retained Earnings For the Year Ended December 31, 2018 Retained earnings, December 31, 2017 5,100 Add: Net income 28,900 Subtotal Less: Dividends 34,000 5,000 39,000 Retained earnings, December 31, 2018 Motor Cord, Inc. Balance Sheet For the Year Ended December 31, 2018 Assets Liabilities Cash 7,000 Accounts payable Accounts receivable 6,000 Note payable Equipment 78,000 Total liabilities Stockholders' Equity Common stock 6,000 12,000 18,000 31,000 39,000 Retained earnings