Fowler Company was started on May 1 with an investment of $45,000 cash. Following are the arsets. Fiabilities and common stock of the company on May 31, 2022, and the revenues and expenses for the month of Mry, its first month of operations. Accounts Receivable $8,400 Notes Payable $26,000 Service Revenue 16,400 Salaries and wages expense 1,900 Advertising expense 2,800 Equipment 58,800 Accounts payable 4,400 Maintenance and repairs expense 2,100 Cash 10,800 Insurance expense 400 Common stock 45.000 No additional common stock was issued in May, but a dividend of $1,600 in cash was paid. Instructions Prepare an income statement and a retained earnings statement for the month of May 2022