P1.3A (LO 3), AP On June 1, 2022, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations: Prepare an income statement, retained earnings statement, and balance sheet; discuss results. Notes payable Cash S 4,600 $12,000 Accounts payable Accounts receivable 4,000 500 Supplies expense Maintenance and repairs expense Service revenue 7,500 1,000 Supplies 2,400 600 Advertising expense Utilities expense 400 300 Salaries and wages expense Equipment 26,000 1,400 Common stock 22,100 During June, the company issued no additional stock but paid dividends of $1,400. Check figures provide a key number to let you know you are on the right track. Instructions a. Prepare an income statement and a retained earnings statement for the month of June and a balance sheet at June 30, 2022. S 3,800 Net income Ret. earnings $ 2,400 Tot. assets $37,000 b. Briefly discuss whether the company's first month of operations was a success c. Discuss the company's decision to distribute a dividend