Exercise 11 These items are taken from the financial statements of Billybung, Inc. Prepaid insurance 1,400 Equipment 31,000 Salaries and wages expense 36,000 Utilities expense 2,100 Accumulated depreciation equipment 8,600 Accounts payable 8,200 Cash 5,100 Accounts receivable 4,900 Salaries and wages payable 2,000 Common stock 6,000 Depreciation expense 4,300 Retained earnings (beginning) 14,000 Dividends 2,600 6 Service revenue Maintenance and repairs expense Insurance expense 53,000 2,600 1,800 Instruction Prepare an income statement, a retained earnings statement, and a classified balance sheet as of December 31, 2020