ollowing is a list of financial statement items and amounts for Tim Burrs Tree Service as of 12/31/X3, the end of its first year in operation. Accounts Receivable $ 40,000 Accounts Payable 30,000 Cash 10,000 Common Stock 20,000 Notes Payable 10,000 Equipment 50,000 Service Revenue 100,000 Fuel Expense 10,000 Rent Expense 15,000 Advertising Expense 5,000 Salaries and Wages Expense 20,000 Retained Earnings ? Dividends 10,000 Required:

1. Prepare the Income Statement for the year ended December 31, 20X3.

2. Prepare the statement of retained earnings for the year ended December 31, 20X3.

3. Prepare the balance sheet for the year ended December 31, 20X3.