Jo Birde established an insurace agency on Match 1, 20Y5, and completed the following transactions during March: a) Opened a business bank account in the name of Birde Insurance, Inc., with a deposit of $51,000 in exchange for capital stock. b) Borrowed $26,000 by issuing a note payable. c) Received cash from fees returned, $28,500. d) Paid rent on office and quiptment for the month, $3,500. e) Paid automobile expense for the month, $2,000, and miscellaneous expense, $700. f) Paid office salaries, $3,900. g) Paid interest on the note payable, $100. h) Purchased land as a future building site, $55,000. i) Paid dividends, $3,500

1. Prepare a retained earnings statement for March.

2. Prepare a balance sheet as of March 31, 20Y5.