An equation analysis of the transactions incurred by Cullumber Ltd. during August 2018 is shown below. Opening balances at July 31 are included as is a brief annotation beside each increase and decrease in shareholders' equity during August. Shareholders' Equity Liabilities Assets Retained Earnings July Common Unearned+ 31 Shares Exp Sup. Equipment Cash A/R A/P +Revenue Bal. Rev. Div. + + + July 31 Bal. $6,700 $4,800 $2,200 $4,800 $4,500 (1) +1,100 +1,100 (2) +5,500 1,100 +4,400 (3) -820 +820 +9,000 Service revenue (4) +3,700 +5,300 (5) 2,200 -2,200 -1,000 Dividends declar (6) -1,000 Operating expen (7) -4,500 -4,500 (8) +4,800 -4,800 310 (9) -310 Interest expense (10) Income tax exper -810 -810 (b) Calculate net income for the month of August and retained earnings at August 31 Net income Retained earnings $