On May 1, Larkspur, Inc., a company that provides flying lessons, was started by using common stock in exchange for cash of $45,100. Following are the assets and liabilities of the company on May 31, 2020, and the revenues and expenses for the month of May. Cash Accounts Receivable Equipment Service Revenue Advertising Expense Accounts Payable $4,750 7,500 64.100 6.900 600 1,500 Notes Payable Rent Expense Maintenance and Repairs Expense Gasoline Expense Utilities Expense $28,000 1,050 500 2,350 250 No additional investments were made in May, but the company paid dividends of $400 during the month. (21) Prepare an income statement for the month of May. Larkspur, Inc. Income Statement For the Month Ended May 31, 2020 Retained Earnings, May 1 Net Income /(Loss)