P1-3A On May 1, Yoon Flying School, a company that provides ying lessons, was started with an investment of W45,000,000 cash in the business. Following are the assets and liabilities of the company on May 31, 2011, and the revenues and expenses for the month of May (in thousands). Cash W Notes Payable W30,00 5,500 0 Accounts Receivable 7,200 Rent Expense 1,200 Equipment 64,000 Repair Expense 400 Lesson Revenue 7,500 Fuel Expense 2,500 Advertising Expense 500 Insurance Expense 400 Accounts Payable 300 No additional investments were made in May, but the company paid dividends of Wl,500,000 duiing the month. Instructions (a) Prepare an income statement and a retained earnings statement for the month of May and a statement of financial position at May 31