Question 3. After its first month of operation, the following amounts were taken from the accounting records of Sandcastle Realty Inc. as of June 30 , 2020.

Capital Stock $ 18,000 Note payable $ 54,000

Cash 38,700 Rent expense 10,800

Dividends 7,200 Retained earnings 0

Interest expense 3,600 Salaries expense 16,200

Land 66,600 Sales commissions 89,100

Misc expense 4,500 Utilities expense 13,500

1) Prepare an income statement for the month ending June 30, 2020

2) Using the financial data shown for Sandcastle Realty, Inc. Prepare a retained earnings statement for the month ending June 30, 2020.

3) Prepare a balance sheet as of June 30, 2020.