These financial statement items are for Snyder Corporation at year-end, July 31, 2010. Salaries payable $ 2,580 Salaries expense 48,700 Utilities expense 22,600 Equipment 21,000 Accounts payable 4,100 Commission revenue 61,100 Rent revenue 8,500 Long-term note payable 1,800 Common stock 16,000 Cash 24,200 Accounts receivable 9,780 Accumulated depreciation 6,000 Dividends 5,000 Depreciation expense 4,000 Retained earnings (beginning of the year) 35,200 Instructions: Prepare an income statement and a retained earnings statement for the year. Snyder Corporation did not issue any new stock during the year