cial Statements P1-3 On June 1, 2017, Elite Service Co. was started with an initial investment in the com pany of $22,100 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month ot June, its first month of operations: Notes payable Supplies expense Maintenance and repairs expense $12,000 500 1,000 $ 4,600 Cash Accounts receivable Service revenue Supplies Advertising expense Equipment Common stock 4,000Accounts payable 600 2,400 400 26,000 22,100 Utilities expense Salaries and wages expense 300 1,400 In June, the company issued no additional stock but paid Instructions (a) Prepare an income statement and a retained earnings statement for the month of June dividends of $1,400 and a balance sheet at June 30, 2017. (b) Briefly discuss whether the company's first month of operations was a success. (c) Discuss the company's decision to distribute a dividend