Milo Inc. had the following account balances at December 31, 2021: Account Name Amount Dividends Prepaid expenses Interest expense $2,750 1,800 1,150 Website expense Accounts receivable 800 31,325 Deferred revenue 1,500 Income tax expense 5,275 Collections from customers 44,375 Purchase of intangibles 1,310 Payments to suppliers 41,840 Car expense 2,125 Retained earnings (beginning of year) 10,235 Payment of dividends 2,750 Rent expense 2,400 Supplies expense 1,500 Cash (beginning of year) 37,625 Service revenue 33,150 Cash received from debt 15,000 Prepaid rent 1,200 Supplies 1,875 Business licence 60 Cash (end of year) Income tax payable Owner's capital Website design Entertainment expense 52,350 1,200 17,500 1,250 575 Contributions by owners Accounts payable Bank loan payable, due in 2025 1,250 27,850 15,000 Using the above information create the following: income statement, statement of retained earnings, balance sheet and the statement of cash flows. Then use the information to answer the following questions.