solve for Part C

The unadjusted and adjusted trial balance for Ivanhoe Company are as follows. Prepare the income statement for the vear ended August 31 . Equipment 15,040 15,040 Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense $3,384 5,452 0 1,692 9,400 5,170 2,632 2,632 31,960 11,374 15,980 0 10,152 0 0 $68,432 15,040 $4,512 5,452 1,034 752 9,400 5,170 2,632 32,524 12,314 17,014 1,880 10,152 1,410 1,128 $71,158 $71,158 Liabilities and Stockholders' Equity Total Revenues $44838 Expenses Salaries and Wages Expense Supplies Expense Rent Expense 10152 Insurance Expense Depreciation Expense Total Expenses 1128 Net Income/ (Loss) (b) Your answer is correct. Prepare the retained earnings statements for the year ended August 31. (List items that increase retained earnings first. Prepare the classified balance sheet at August 31. (List Assets in order of liquidity.)