Pharoah Company began operations on January 1, 2022. The following information is available for Pharoah on December 31, 2022. Accounts payable $7,600 Notes payable $ 12,400 Accounts receivable 4,700 Rent expense 12.700 Advertising expense 4,230 Retained earnings ? Cashi 5,800 Service revenue 30,500 Common stock 17,700 Supplies 4,600 Dividends 5,200 Supplies expense 1,470 Equipment 29.500 Prepare a retained earnings statement for Pharoah Company. (List items that increase retained earnings first.) PHAROAH COMPANY Retained Earnings Statement For the Year Ended December 31, 2022 Retained Earnings, December 31 Add Net Income/(Loss) 0 12100 $12100 Less : Dividends -5200