Studio Photography works weddings and prom-type parties. The balance of retained earnings was 530,000 at December 31, 2017. At December 31, 2018, the business's accounting records show these balances: (Click the icon to view the accounts.) Prepare the following financial statements for Studio Photography for the year ended December 31, 2018: a Income statement. b. Statement of retained earnings. c. Balance sheet. 09,000 service revenue Expenses: Salaries Expense Advertising Expense Insurance Expense $ 20,000 3,400 13,000 Data Table Total Expenses 36,400 $ 13,000 Accounts Receivable $ S S 48,600 Insurance Expense Cash 5,000 18,000 Net Income 34,000 9,000 2 b. Prepare Studio Photography's statement of retained earnings. Studio Photography Statement of Retained Earnings Year Ended December 31, 2018 Relained Earnings, December 31, 2017 Net income for the year Accounts Payable Advertising Expense Service Revenue Dividends 3,400 85,000 9,000 Notes Payable Retained Earnings, Dec. 31, 2018 Salaries Expense Equipment Common Stock 20,000 91,600 34,000 48,600 Print Done (9,000) Dividends Retained Earnings, December 31, 2018