Carley Communications Income Statement Year Ended July 31, 2018 Net Sales Revenue $ 28,800 19,300 Cost of Goods Sold 9,500 Gross Profit Operating Expenses: Selling Expenses Administrative Expenses 1,800 3,600 5,400 Total Operating Expenses Operating Income Other Income and (Expenses) 4,100 Interest Expense Total Other Income and (Expenses) (60) 4,040 Net Income (Loss) Requirement 1. Prepare Carley Communications's statement of retained earnings for the year ended July 31, 2018. Assume that there were no dividends declared during the year and that the business began on August 1, 2017. (Enter a "0" for any zero balances. Include only applicable transactions during the period.) Carley Communications Statement of Retained Earnings Year Ended July 31, 2018 Retained Earnings, August 1, 2017 Retained Earnings, July 31, 2018 Cash $ $ Selling Expenses Accounts Payable Common Stock Notes Payable, long-term 4,000 Cost of Goods Sold 1,800 Equipment, net 5,400 Accrued Liabilities 6,660 Net Sales Revenue 1,100 Accounts Receivable 300 Interest Expense 3,600 19,300 11,000 1,900 28,800 3,800 Merchandise Inventory Administrative Expenses 1. Prepare Carley Communications's statement of retained earnings for the year ended July 31, 2018. Assume that there were no dividends declared during the year and that the business began on August 1, 2017. 2. Prepare Carley Communications's classified balance sheet at July 31, 2018. Use the report format