Prepare the income statement and statement of retained earnings for the year ended December 31, 2017 for Ayesha Inc. based on the trial balance underneath: (40 marks)

Ayesha Inc. Adjusted Trial Balance December 31, 2017 Debit Credit Cash $30,500 Accounts receivable 23,200 Supplies 3,950 Prepaid insurance 2,600 Equipment 48,500 Accumulated depreciation-equipment $18,800 Accounts payable 3,500 Unearned service revenue 8,700 Salary payable 1,650 Common shares 24,000 Retained earnings 20,000 Dividends 6,000 Service revenue 70,300 Salary expense 25,850 Supplies expense 1,850 Insurance expense 700 Depreciation expense-equipment 900 Utilities expense 2,900 ________ $146,950 $146,950