The asset, liabilities, and equities of Damon Design Studio have the following balances at December 31, 2018. The retained earnings was $39,000 at the beginning of the year. At year end, common stock was $13,000 and dividends were $57,000. (Click the icon to view the account balances.) (Click the icon to view the income statement for the year.) Prepare the statement of retained earnings for Damon Design Studio for the year ending December 31, 2018. Retained Earnings, January 1, 2018 Retained Earnings, December 31, 2018 14,000 Office Furniture $ 48,400 Notes Payable Rent Expense 23,000 7,200 Utilities Expense Accounts Payable Cash 3,200 3,600 5,100 Service Revenue 154,600 Office Supplies Salaries Expense 65,000 Accounts Receivable 9,300 Property Tax Expense 2,200 Miscellaneous Expense 3,800 Damon Design Studio Income Statement Year Ended December 31, 2018 Revenues: $ 154,600 Service Revenue Expenses: Salaries Expense Rent Expense $ 65,000 23,000 Utilities Expense 7,200 Miscellaneous Expense 3,800 2,200 Property Tax Expense Total Expenses 101,200 $ 53,400 Net Income Retained Earnings, January 1, 2018 Dividends Expenses for the year Issuance of common stock Net income for the year Net loss for the year Revenues for the year