Instructions Income Statement and Balance Sheet Green Bay Corporation began business in July 2016 as a commercial fishing operation and a passenger service between islands Shares of stock were issued to the owners in exchange for cash. Boats were purchased by making a down payment in cash and signing a note payable for the balance. Fish are sold to local restaurants on open account, and customers are given 15 days to pay their account. Cash fares are collected for all passenger traffic. Rent for the dock facilities is paid at the beginning of each month Salaries and wages are paid at the end of the month. The following amounts are from the records of Green Bay Corporation at the end of its first month of operations Accounts receivable Boats Capital stock $18,400 Notes payable 85,800 Passenger service revenue 44,200 Rent expense 11,520Retained earnings $66,000 13,790 4,400 as Dividends 7,200 Salary and wage expense 20,100 Fishing revenue 23,430