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 10,000 Equipment 50,000 Sales Revenue 100,000 Fuel Expense 10,000 Rent Expense 15,000 Advertising Expense 5,000 Salaries and Wages Expense 20,000 Retained Earnings ? Dividends 10,000

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	10,000
Equipment	50,000
Sales Revenue	100,000
Fuel Expense	10,000
Rent Expense	15,000
Advertising Expense	5,000
Salaries and Wages Expense	20,000
Retained Earnings	?
Dividends	10,000

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. Complete this question by entering your answers in the tabs below. Prepare the statement of retained earnings for the year ended December 31, Year 1