The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Cash Retained Earnings $114,100 306,900 502,900 68,300 Accounts Receivable Dividends Inventory Sales 346,800 22,500 $4,178,900 2,417,200 Cost of Goods Sold Estimated Returns Inventory Office Supplies 10,800 Sales Salaries Expense 679,700 Prepaid Insurance 8,300 Advertising Expense 186,900 Office Equipment 251,100 Depreciation Expense- Store Equipment 36,400 Miscellaneous Selling Expense 16,000 Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation- Store Equipment 170,600 783,800 Office Salaries Expense 371,100 Rent Expense 54,800 251,100 Accounts Payable 173,700 Depreciation Expense- Office Equipment 27,400 Insurance Expense 17,000 Customer Refunds Payable Salaries Payable 40,000 11,100 Office Supplies Expense 10,100 Note Payable (final payment due 2024) Miscellaneous Administrative Exp. 7,300 365,000 Clairemont Co. Income Statement For the Year Ended May 31, 2018 Sales Expenses: Selling expenses: Total selling expenses Administrative expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses 2. Prepare a retained earnings statement. Clairemont Co. Retained Earnings Statement For the Year Ended May 31, 2018 3. Prepare a balance sheet, assuming that the current portion of the note payable is $18,250. Clairemont Co. Balance Sheet May 31, 2018 Assets Current assets: S Total current assets Property, plant and equipment: $ Total property, plant and equipment ITotal scente Total property, plant and equipment Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity