Based on the following data for Checkmate Company, prepare a Statement of Retained Earnings and demonstrate that the accounting equation remains in balance after the retained earnings account has been updated. (Assume that the company pays no dividends.) These amounts reflect balances at the end of 2020, after adjustments, but before the calculation of income tax expense.

Accounts payable	$281,700	Prepaid insurance	$6,800
Property and equipment	672,500	Contributed capital	380,600
Cost of service expense	183,600	Other revenue	114,100
Supplies inventory	216,900	Deferred revenue	83,600
Service revenue	904,000	Depreciation expense	57,750
Bonds payable	229,600	Accounts receivable	607,550
Interest receivable	4,300	Rent expense	30,500
Retained earnings	187,400	Cash	351,340
Notes payable	356,040	Accrued liabilities	23,400
Investments	146,400	Prepaid rent	11,200
Accumulated depreciation	128,900	Administrative and general expense (includes interest, utilities, etc.)	64,300
Supplies expense	336,200	Income tax payable	0