JFK Corporation provides blood testing service for various businesses. The company adjusts its accounts monthly, and prepares closing entries at the end of year. The fiscal year is 01.01-31.12, 2013 The following is the unadjusted trial balance of the company as of May 31, 2013: JEK Co. Unadjusted Trial Balance 31.05.09 Cash $57,000 AR $50,955 Pre-paid Rent $2,700 Stationery $1,050 Land $120,000 Building $90,000 Office Furniture $11,880 Accumulated Depreciation (office furniture) $2,310 $36,000 $1,500 $18,750 Blood testing equipment Accumulated Depreciation (blood testing equipment) Unearned Revenue Income Tax Payable Note Payable Capital Stock $4,500 $48,000 $212,465 $28,050 Retained Earnings Dividends $6,000 Dividends $6,000 Service Revenue $114,000 $36,000 $5,400 $660 Salary Expense Rent Expense Depreciation Expense (office furniture) Depreciation Expense (blood testing equipment) Utilities Expense Interest Expense Income Tax Expense $1,500 $1,650 $1,280 $7,500 Total $429,575 $429,575 Additional information: 1. $10,000 was earned from the cash collected in advance from clients; 2. Salaries of employees earned for the month of May is $12,000, payable by June 5, 2013; 3. There were $530 of supplies left on hand on May 31, 2013; 4. The blood testing service was provided to Delta Inc. on May 25-27 for $9,000. This amount was neither collected nor recorded in the books of JFK Co.; 5. Office Furniture has a useful life of 6 years; 6. Blood testing equipment was purchased on March 1, 2013; 7. The company paid for office rent for 6 month on January 1, 2013; 8. $48,000 was borrowed from the bank for six month on January 1, 2013. Interest is payable at the beginning of the next month; 9. The estimated corporate Income Tax for six month is $9,000. Required: 1. Prepare adjusting entries in the books of JFC Co. for May 2013; 2. What is the amount of Retained Earnings as of May 31, 2013? Show all supporting calculations where necessary