P1.3A (LO5), AP 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. Cash $ 4,650 Notes Payable $28,000 Accounts Receivable 7.400 Rent Expense 900 Equipment 64,000 Maintenance and Repairs Expense 350 Service Revenue 6,800 Gasoline Expense 2,500 Advertising Expense 500 Utilities Expense 400 Accounts Payable 1,400 No additional investments were made in May, but the company paid dividends of $500 during the month. Instructions a. Prepare an income statement and a retained earnings statement for the month of May and a balance sheet at May 31 a. Net income $2.150 Total assets $7.00