Following is a list of financial statement items and amounts for Vantage Service as of 12/31/Year 1, the end of its first year in operation.

Accounts Receivable	$	40,000
Accounts Payable		30,000
Cash		10,000
Common Stock		20,000
Notes Payable		20,000
Equipment		50,000
Sales Revenue		100,000
Fuel Expense		15,000
Rent Expense		20,000
Advertising Expense		5,000
Salaries and Wages Expense		20,000
Retained Earnings		?
Dividends		10,000

Required:

1. Prepare the Income Statement for the year ended December 31, Year 1.
2. Prepare the statement of retained earnings for the year ended December 31, Year 1.
3. Prepare the balance sheet for the year ended December 31, Year 1.