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7) Use the following selected data for ABC Co. to prepare an income stmt. & statement of retained earnings for 2015 (all accounts will not be used). 70,000 38,000 27,000 Accounts payable Accounts receivable Advertising expense 30,000 Notes payable 40,000 | Rent expense 26,000Retained earnings beginnin Cash Common stock Dividends Equipment Insurance expense 350,000 2,000 16,000 198,000 60,000 95.000|Service revenue 98,000 Supplies 4,000|Supplies expense 108,000Wages expense 39.000 Wages pavable ABC Co Income Statement For the year ended December 31, 2015 Net Income ABC Co. Statement of Retained Earnings For the year ended December 31, 2015