7. The account balances and income statement of Willard Towing Service at June 30, 2018, follow: 6(Click the icon to view the account balances.) 7(Click the icon to view the income statement for the month.) Requirements 1. Prepare the statement of retained earnings for Willard Towing Service for the month ending June 30, 2018. 2. What does the statement of retained earnings report? Requirement 1. Prepare the statement of retained earnings for Willard Towing Service for the month ending June 30, 2018. (1) (2) (3) Retained Earnings, June 1, 2018 |(4) (5) Retained Earnings, June 30, 2018 Requirement 2. What does the statement of retained earnings report? The statement of retained earnings reports (6). 6: Data Table 20,700 Service Revenue 2$ Equipment 14,000 Office Supplies 900 Accounts Receivable 8,400 Notes Payable 7,500 Accounts Payable 3,000 Rent Expense 3,850 850 Retained Earnings, June 1, 2018 1,900 Salaries Expense Cash 1,600 Dividends 4,000 Common Stock. 10,000 7: Reference Willard Towing Service Income Statement Month Ended June 30, 2018 Revenues: Service Revenue 2$ 14,000 Expenses: Salaries Expense $4 1,600 850 Rent Expense 2,450 Total Expenses 11,550 Net Incorne O Statement of Retained Earnings O Statement of Retained Earnings O Statement of Retained Earnings (1) O (2) O (3) O O Willard Towing Service O Willard Towing Service O Balance Sheet O Income Statement O Willard Towing Service O Balance Sheet O Income Statement O June 30, 2018 O Month Ended June 30, 2018 O June 30, 2018 O June 30, 2018 O Balance Sheet O Income Statement O Month Ended June 30, 2018 O Month Ended June 30, 2018 O Net loss for the month O Revenues for the month (4) O O Dividends O Expenses for the month O Net income for the month (5) O O Dividends O Expenses for the month Net loss for the month Revenues for the month O Net income for the month (6) O on an entity's assets, liabilities, and stockholders' equity as of a specific date. O the changes in retained earnings for a business entity as of a specific date. on an entity's assets, liabilities, and stockholders' equity for a period of tirme. the changes in retained earnings for a business entity during a time period. O revenues and expenses as of a specific date. revenues and expenses for a period of time