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Carmen Communications reported the figures from its adjusted trial balance and from its multi-step income statement for its first year of business, which ended on July 31, 2018: D(Click the icon to view the accounts and balances.) Click the icon to view the multi-step income statement.) Read the requirements. Requirement 1. Prepare Carmen Communications's statement of retained earnings for the year ended July 31, 2018. Assume that there were no dividends declared during the year and that the business began on August 1, 2017. (Enter a "0" for any zero balances. Include only applicable transactions during the period.) Carmen Communications Statement of Retained Earnings Year Ended July 31, 2018 Retained Earnings, August 1, 2017 Retained Earnings, July 31, 2018 Requirement 2. Prepare Carmen Communications's classified balance sheet at July 31, 2018. Use the report format. Begin by completing the assets section, then complete the liabilities and stockholders' equity sections. (If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero.) Carmen Communications Balance Sheet July 31, 2018 Assets Current Assets: Net Sales Revenue Cost of Goods Sold Selling Expenses Administrative Expenses lll l Liabilities Current Liabilities: III Long-term Liabilities: Choose from any list or enter any number in the input fields and then continue to the next question. Carmen Communications Income Statement Year Ended July 31, 2018 Net Sales Revenue 29,400 18,900 Cost of Goods Sold Gross Profit 10,500 1,700 3,600 5,300 Operating Expenses: Selling Expenses Administrative Expenses Total Operating Expenses Operating Income Other Income and (Expenses) Interest Expense Total Other Income and (Expenses) 5,200 (50) (50) 5,150 Net Income (Loss) $ Cash Selling Expenses Accounts Payable Common Stock Notes Payable, long-term Merchandise Inventory Administrative Expenses 3,500 Cost of Goods Sold 1,700 Equipment, net 4,200 Accrued Liabilities 8,650 Net Sales Revenue 18,900 12,500 2,100 29,400 3,700 900 Accounts Receivable 50 1,300 Interest Expense 3,600