On May 1, Nimbus Flying School, a company that provides flying lessons, was started by using common stock in exchange for cash of $45,000. Following are the assets and liabilities of the company on May 31, 2022, and the revenues and expenses for the month of May. Nimbus Flying School Income Statement For the Month Ended May 31, 2022 Retained Earnings, Mav 31 Service Revenue Expenses Advertising Expense Rent Expense \begin{tabular}{|l|l|} \hline 900 \\ \hline \end{tabular} Maintenance and Repairs Expense \begin{tabular}{|l|l|} \hline 350 & i \\ \hline \end{tabular} Gasoline Expense Utilities Expense \begin{tabular}{|r|r|} \hline 400 & i \\ \hline \end{tabular} Total Expenses Net Income / (Loss) Prepare a retained earnings statement for the month of May. (List items that increase retained earnings first.)