The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016: Cash $ 240,000 Accounts Receivable 966,000 Merchandise Inventory 1,712,500 Office Supplies 13,500 Prepaid Insurance 8,000 Office Equipment 830,000 Accumulated Depreciation-Office Equipment 550,000 Store Equipment 3,600,000 Accumulated Depreciation-Store Equipment 1,820,000 Accounts Payable 366,000 Salaries Payable 41,500 Note Payable (final payment due 2022) 300,000 Common Stock 500,000 Retained Earnings 2,949,100 Dividends 100,000 Sales 11,343,000 Cost of Merchandise Sold 7,850,000 Sales Salaries Expense 916,000 Advertising Expense 550,000 Depreciation Expense-Store Equipment 140,000 Miscellaneous Selling Expense 38,000 Office Salaries Expense 650,000 Rent Expense 94,000 Depreciation Expense-Office Equipment 50,000 Insurance Expense 48,000 Office Supplies Expense 28,100 Miscellaneous Administrative Expense 14,500 Interest Expense 21,000 Required: 1. Prepare a single-step income statement. Combine selling expenses together in a single entry and combine administrative expenses together in a single entry. * 2. Prepare a retained earnings statement.* 3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $50,000. Less or Plus will automatically appear if it is required.* 4. Prepare closing entries as of May 31, 2016. Refer to the Chart of Accounts for exact wording of account titles. * Be sure to complete the statement headings. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required.