The assets and liabilities of Post Elm Inc , as of December 31, 2016 , and revenues and expenses for the year ended on that date follow Equipment $114,000 Land $21,000 Interest expense 10,600 Note payable 99,400 Interest payable 3,200 Property tax expense 7,500 Accounts payable 23,000 Rent expense 41,400 Salary expense 108,100 Accounts receivable 84,200 Building 403,000 Service revenue 458,600 Cash 48,000 Supplies 6,500 Common stock 7,300 Utilities expense 8,900 Beginning retained earnings was $364,700 , and dividends totaled $103,000 for the year 1 Prepare the income statement of Post Elm , Inc , for the year ended December 31, 2016 2 Prepare the company's statement of retained earnings for the year 3 Prepare the company's balance sheet at December 31, 2016 4 Analyze Post ElmPost Elm , Inc , by answering these questions a Was Post Elm profitable during 2016 By how much b Did retained earnings increase or decrease By how much c Which is greater, total liabilities or total stockholders' equity Who has a greater claim to Post Elm's assets, creditors of the company or the Post Elm stockholders Requirement 1 Prepare the income statement of Post Elm , Inc for the year ended December 31, 2016 Let's begin the heading and then complete the rest of the statement (If a box is not used in the financial statements leave the box empty do not select a label or enter a zero )

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The assets and liabilities of Post Elm ?Inc., as of December? 31, 2016?, and revenues and expenses for the year ended on that date? follow:

Equipment. . . . . . . . . .	$114,000	Land. . . . . . . . . . . . .	$21,000
Interest expense. . . . .	10,600	Note payable. . . . . . . .	99,400
Interest payable. . . . . .	3,200	Property tax expense. .	7,500
Accounts payable. . . . .	23,000	Rent expense. . . . . . . .	41,400
Salary expense. . . . . .	108,100	Accounts receivable. . . .	84,200
Building. . . . . . . . . . . .	403,000	Service revenue. . . . . .	458,600
Cash. . . . . . . . . . . . . .	48,000	Supplies. . . . . . . . . .	6,500
Common stock. . . . . . .	7,300	Utilities expense. . . . . .	8,900

Beginning retained earnings was $364,700?, and dividends totaled $103,000 for the year.

1.	Prepare the income statement of Post Elm?, ?Inc., for the year ended December?31, 2016.
2.	Prepare the? company's statement of retained earnings for the year.
3.	Prepare the? company's balance sheet at December? 31, 2016.
4.	Analyze Post ElmPost Elm?,?Inc., by answering these? questions:

Was Post Elm profitable during 2016?? By how? much?

Did retained earnings increase or? decrease? By how? much?

Which is? greater, total liabilities or total? stockholders' equity? Who has a greater claim to Post Elm's ?assets, creditors of the company or the Post Elm ?stockholders?

Requirement 1. Prepare the income statement of Post Elm?, Inc. for the year ended December? 31, 2016.

?Let's begin the heading and then complete the rest of the statement. ?(If a box is not used in the financial statements leave the box? empty; do not select a label or enter a? zero.)