On May 1, Windsor, Inc., a company that provides flying lessons, was started by using common stock in exchange for cash of $45,200. 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 $4,850 7,600 64,200 7,000 700 1,600 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 $300 during the month.

On May 1, Windsor, Inc, a company that provides flying lessons, was started by using common stock in exchange for cash of $45,200. Following are the assets and liabilities of the company on May 31,2022, and the revenues and expenses for the month of May. No additional imvestments were made in May, but the company paid dividends of $300 during the month. Prenare an income statement for the mnnth of Mav Prepare a retained earnings statement for the month of May. (List items that increase retained earnings first.)