Nance Company Income Statement Year Ended December 31, 2018 (millions) Revenue: Revenue $ 158 Expenses: Salary expense 33 Rent expense 18 Utilities expense 20 Total expenses 71 $ 87 Net income (loss) Nance incurred, during that same year, salary expense of $33 million, rent expense of $18 million, and utilities expense of $20 million. Nance declared and paid dividends of $20 million during the year. At December 31, 2018, Nance had cash of $145 million, accounts receivable of $60 million, property and equipment of $33 million, and other long-term assets of $26 million. At December 31, 2018, the company owed accounts payable of $62 million and had a long-term note payable of $28 million. Nance began 2018 with a balance in retained earnings of $70 million. At December 31, 2018, Nance had total stockholders' equity of $174 million, which consisted of common stock and retained earnings. Nance has a year-end of December 31. During 2018, Nance Company earned revenues of $158 million. (Click the icon to view additional information.) Read the requirements. Total expenses 71 87 Net income (loss) Requirement 2. Prepare the statement of retained earnings (with a proper heading) for 2018. (Enter all amounts in millions. Include a subtotal after the "Add" line of the statement.) (millions) Add: Subtotal Less: NI