Sunland Company Retained Earnings Statement For the Month Ended May 31, 2022 Retained Earnings, May 1 Add Net Income/(Loss) Less Dividends 2,150 2,150 Retained Earnings, May 31 2,150 On May 1, Sunland Company, a company that provides flying lessons, was started by using common stock in exchange for cash of $45,350. Following are the assets and liabilities of the company on May 31, 2022, and the revenues and expenses for the month of May. Cash $5,000 Notes Payable $28,000 Accounts Receivable 7,750 Rent Expense 1,200 Equipment 64,350 Maintenance and Repairs Expense 650 Service Revenue 7,150 Gasoline Expense 2,200 Advertising Expense 850 Utilities Expense 100 Accounts Payable 1,750