The following accounts are taken from Equilibrium Riding, Inc., a company that specializes in occupational therapy and horseback riding lessons, as of December 31

EQUILIBRIUM RIDING, INC. Unadjusted Trial Balance At December 31 Account Name Debits Credits Cash $ 59,750 Accounts Receivable 3,300 Prepaid Insurance 4,700 Equipment 64,600 Land 23,000 Accounts Payable $ 29,230 Deferred Revenue 1,500 Notes Payable (long-term) 74,000 Common Stock 5,000 Retained Earnings 14,500 Dividends 0 Service Revenue 35,700 Salaries and Wages Expense 3,900 Repairs and Maintenance Expense 410 Office Expense 270 Totals $159,930 $159,930

You are required to prepare the following:

1) a statement of retained earnings and

2) a balance sheet