Complete a Statement of Retained Earnings for the first two quarters in proper format. Link the Ending Retained Earnings balance into your Balance Sheet. (5 pointsgraded for accuracy and format, including Excel spreadsheet links and formulas)

Transactions:
1	1/2/2017	Issued 7,100 shares of stock to investors consisting of friends and family. Shares were sold at par value of $21 each.
2	2/1/2017	Paid $2,400 in cash to purchase display equipment for the jewelry showroom.
3	2/1/2017	Puchased a building for office, workshop, and retail space for $348,000. They paid 35% down in cash and signed a 20 year mortgage note with a 4.5% interest rate for the rest. Principal and interest payments will be made annually.
4	2/1/2017	Purchased inventory on account for $66,350.
5	2/1/2017	The company purchased a twelve month insurance policy and paid cash in advance of $2,100.
6	2/26/2017	Recorded jewelry sales to a local art gallery, sold on account for $8,500.
7	4/1/2017	Received a 5 year loan of $260,000, requiring annual payments, from the bank. The annual interest rate was 4.75%.
8	4/2/2017	Paid $42,000 of the Account Payable for the inventory to the supplier.
9	4/30/2017	The company received a cash payment of $5,505 from the sales on account from the local art gallery.
10	6/30/2017	Jewelry sales in cash for February through June 30th were $62,835.
11	6/30/2017	Cost of Goods Sold for the February through June 30th sales (cash and credit) were $30,340.
12	6/30/2017	Salaries and wages expense for February through June 30th combined was $28,065. Of this total, $24,530 was paid in cash and the rest will be paid in July.
13	6/30/2017	The company records depreciation monthly. The building has a useful economic life of 40 years and the company uses the straight line depreciation method. Pay attention to the purchase date!
14	6/30/2017	The company records depreciation monthly. The display equipment has a useful economic life of 10 years and the company uses the straight line depreciation method.
15	6/30/2017	Insurance expense for Feb through June 30th is 5/12 of the amount paid in advance.
16	6/30/2017	The company accrued interest expense for the first five months they held the mortgage and the first three months they held the bank loan.