Candace Communications Income Statement Year Ended July 31, 2024 Vet Sales Revenue Sost of Goods Sold ;ross Profit perating Expenses: Selling Expenses Administrative Expenses $1,8002,600 Total Operating Expenses perating Income her Income and (Expenses): Sales Discounts Forfeited 500 Interest Expense (35) Total Other Income and (Expenses) t Income (Loss) Candace Communicatons reported the fqures from its adjusted trial balance and from its mulf-step income statement for its fest yeat of business, which ended on tuly 31 , 2024 : IH (Cick the icon to view the accounts and balances.) (Click the kan to view the mill-siep income statement.) Read the teguirements Reguirement 1. Prepase Candace Communications' watement of retained eamings for the year endod July 31, 2024. Assume that there were no dividends declared during the year and that the business began on August 1.2023, (Enter a . 70" for any zero balances. Inchede only applicable thansactions during the period) Aequirement 2. Prepare Candace Communicatona' dassted baiance sheet at July 31, 2024 . Use the report format. Begin by completing the assets section, pren complete the liabibibes and slockholders' equity sections. (id a bor is not used in the baiance sheet, leave the bok emply; do not select a labet or enter a 2era) Candace Communications reported the figures from its adjusted trial balance and from its multi-step inc (Click the icon to view the accounts and balances.) (Click the icon to view the multi-: Read the requirements