retained alance sheet Excel Cash 500 1,000 P1.3A (LO3), AP On June 1, 2022, Elite Service Co. was started with an initial investment in the com- pany of $22,100 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations: $12,000 $ 4,600 Notes payable Accounts receivable 4,000 Accounts payable Service revenue 7,500 Supplies expense Supplies 600 2,400 Maintenance and repairs expense Advertising expense 300 400 Utilities expense Equipment 1,400 26,000 Salaries and wages expense Common stock 22,100 During June, the company issued no additional stock but paid dividends of $1,400. Instructions a. Prepare an income statement and a retained earnings statement for the month of June and a balance sheet at June 30, 2022. b. Briefly discuss whether the company's first month of operations was a success. c. Discuss the company's decision to distribute a dividend. key you are $ 3,800 $ 2,400 $37,000 final D1A1