The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $640,000 on January 1, 2018, the beginning of the year. During the year, dividends of $45,000 were paid. Accounts payable $ 71,000 Accounts receivable 268,000 Cash 191,500 Common stock 70,000 Fees earned 851,000 Land 546,000 Miscellaneous expense 6,700 Rent expense 33,000 Supplies 5,700 Supplies expense 4,100 Utilities expense 27,000 Wages expense 505,000.

2. Prepare a retained earnings statement for the year ended December 31, 2018. Refer to the information given and the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. The word Less or Add is not needed in the Retained Earnings Statement.

3. Prepare a balance sheet as of December 31, 2018. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.