On May 1, Kingbird, Inc., a company that provides flying lessons, was started by using common stock in exchange for cash of $45,450. Following are the assets and liabilities of the company on May 31, 2022, and the revenues and expenses for the month of May. Cash Accounts Receivable Equipment Service Revenue Advertising Expense Accounts Payable $28,000 1,150 600 $ 5,100 7,850 64,450 7,250 950 1,850 Notes Payable Rent Expense Maintenance and Repairs Expense Gasoline Expense Utilities Expense 2,250 150 No additional investments were made in May, but the company paid dividends of $50 during the month. Kingbird, Inc. Income Statement For the Month Ended May 31, 2022 Revenues Service Revenue $ 7250 Expenses Advertising Expense $ 950 i Rent Expense 1150 i Maintenance and Repairs Expense 600 i Gasoline Expense 2250 i Utilities Expense 150 i Total Expenses 5100 i Net Income /(Loss) $ 2150 Prepare a retained earnings statement for the month of May. (List items that increase retained earnings first.) Kingbird, Inc. Retained Earnings Statement $ + $ $