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 Accounts Payable Cash Common Stock Notes Payable Equipment Sales Revenue Fuel Expense Rent Expense Advertising Expense Salaries and Wages Expense Retained Earnings Dividends $ 40,400 30,400 10,040 20,400 10,080 50,200 102,000 10,040 10,300 5,040 20,400 7 16,460 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. Prepare the Income Statement for the year ended December 31, Year 1. VANTAGE SERVICE Income Statement For the Year Ended December 31, Year 1 Revenues: Sales Revenue $ 102,000 $ 102,000 Total Revenues Expenses: Fuel Expense Rent Expense Advertising Expense Salaries and Wages Expense 10,040 10,300 5,040 20,400 Total Expenses Net Income 45,780 56,220 $ Prepare the statement of retained earnings for the year ended December 31, Year 1. VANTAGE SERVICE Statement of Retained Earnings For the Year Ended December 31, Year 1 Retained Earnings, January 1, Year 1 Add: Net Loss Add: Dividends Retained Earnings, December 31, Year 1 0 Prepare the balance sheet for the year ended December 31, Year 1. VANTAGE SERVICE Balance Sheet December 31, Year 1 Assets Total Assets $ Liabilities Total Liabilities Stockholders' Equity 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 0