The following items are taken from the financial statements of One Headlight Company for 2019:

Accounts payable $18,300

Accounts receivable 11,700

Accumulated depreciation-equipment 17,600

Cash 10,100

Salaries and Wages payable 3,000

Common stock 12,000

Depreciation expense 3,600

Dividends 12,000

Equipment 66,000

Utilities expense 2,000

Prepaid insurance 3,500

Insurance Expense 2,200

Repairs expense 1,800

Service revenue 70,000

Retained earnings, January 1 32,000

Salaries and wages expense 37,000

Instructions: Prepare an income statement and a retained earnings statement for the year ended December 31, 2019.