The Ryan Express, provider of tax services, starts operations on 1/1/17. Now that the company has been in business for more than a year, the controller is assembling financial statements for the year ended 12/31/17. During 2017, the following transactions took place:

1. On January 1, 2017, shareholders paid $1,000,000 in cash for common stock.

2. Ryan Express earned revenue of $500,000 which increased Accounts Receivable (not cash).

3. Ryan Express paid $125,000 in salaries expense.

4. Ryan Express paid $75,000 in rent expense.

5. Ryan Express bought $25,000 of supplies but did not pay cash, so this increased Accounts Payable.

6. Ryan Express paid $10,000 in travel expense.

7. Clients paid Ryan Express cash of $400,000 for transaction #2, which reduced accounts receivable.

8. Ryan Express paid shareholders a $190,000 cash dividend.

- Preparing the income statement, a retained earning & a balance sheet as of 12/31/17

Please show steps, thanks?