Requirement 1. Prepare an income statement for the month of November. Devoke Machinery, Inc. Income Statement For the Month Ended November 30, 20X0 Sales $ 101,000 Deduct expenses: Cost of goods sold Rent expense $ 65,000 700 Wages expense 5.000 70.700 30,300 Net income (loss) Requirement 2. Prepare the retained earnings column of a statement of stockholders' equity. (Use a minus sign or parentheses to show a decrease in stockholders' equity.) Devoke Machinery, Inc. Statement of Stockholders' Equity (Retained Earnings Column) For the Month Ended November 30, 20X0 Balance, October 31, 20xo Net income for November Subtotal 30300 Less: Cash Dividends Balance, November 30, 20X0 pe More info Devoke Machinery, Inc. Trial Balance November 30, 20X0 Cash $ 91,000 Accounts receivable 118,000 75,000 Inventory Prepaid rent 1,400 96.000 150.000 7.100 Accounts payable Paid-in capital Retained earnings Sales Cost of goods sold Rent expense 101,000 65,000 700 Wages expense 5,000 $ 354,100 $ 354,100 Totals