The Ivanhoe Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31.

IVANHOE HOTEL Trial Balance May 31, 2022
		Debit			Credit
Cash		$ 2,613
Supplies		2,600
Prepaid Insurance		1,800
Land		15,113
Buildings		70,000
Equipment		16,800
Accounts Payable					$ 4,813
Unearned Rent Revenue					3,300
Mortgage Payable					36,000
Common Stock					60,113
Rent Revenue					9,000
Salaries and Wages Expense		3,000
Utilities Expense		800
Advertising Expense		500
		$113,226			$113,226

Other data:

1.		Insurance expires at the rate of $360 per month.
2.		A count of supplies shows $1,180 of unused supplies on May 31.
3.		(a) Annual depreciation is $2,760 on the building.
		(b) Annual depreciation is $2,160 on equipment.
4.		The mortgage interest rate is 5%. (The mortgage was taken out on May 1.)
5.		Unearned rent of $2,670 has been earned.
6.		Salaries of $710 are accrued and unpaid at May 31.

Prepare a retained earnings statement for the month of May.

Prepare a retained earnings statement for the month of May. IVANHOE HOTEL Retained Earnings Statement For the Month Ended May 31, 2022 Retained Earnings, May 1 Add . Net Income /(Loss) Retained Earnings, May 31