Prepare a balance sheet as of November 30, 20X0, and an income statement for the month of November. Prepare the retained earnings column of a statement of stockholders equity. Prepare the income statement first. Given the Below information.

Cash Accounts receivable Inventory Prepaid rent Accounts payable Paid-in capital Retained earnings $ 41,000 90,000 70,000 2,000 $ 27,000 160,000 16,000 $203,000 $203,000 Following is a summary of the transactions that occurred during November: a. Collections of accounts receivable, $75,000. b. Payments of accounts payable, $14,000. c. Acquisitions of inventory on open account, $80,000. d. Merchandise carried in inventory at a cost of $70,000 was sold on open account for $96,000. e. Recognition of rent expense for November, $1,000. f. Wages paid in cash for November, $8,000. g. Cash dividends declared and disbursed to stockholders on November 29, $10,000