The following yearend account balances belong to Semiha Corporation for 2017. The company closes its accounting books on 31 December each year, i.e. they operate on a 31 December year end. Assume that this is the end of the third year of the companys operations. The account balances are as follows:

Retained earnings (beginning of year 3, i.e. 2017) - $42,000

Retained earnings (beginning of year 2, i.e. 2016) - 23,000

Accounts receivable - 11,000

Insurance expense - 3,400

Salaries and wages expense - 33,000

Accumulated depreciation on the equipment - 16,900

Utilities expense - 4,000

Equipment - 57,000

Accounts payable - 16,700

Cash - 34,700

Salaries and wages payable - 4,500

Prepaid insurance - 2,600

Maintenance and repairs expense - 2,000

Depreciation expense - 4,000

Common stock - 15,000

Dividends - 7,400

Service Revenue - 72,000

Instructions:

Using Excel - Prepare an income statement and a retained earnings statement on 31 December 2017 based on the information given above.

Use Excel formula as much as possible, for example for sums.

Note: Please enter all data in Excell and upload screenshots of how it is formatted in Excel.