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Financial Statements The following are the amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year The retained earnings were $44,090 on January 1, 2018, the beginning of the year. During the year, dividends of $23,400 were paid. $15,360 Accounts payable Accounts receivable 47,200 Cash 165,950 Common stock 15,000 Fees earned 580,100 50,000 Land Miscellaneous expense 4,630 Rent expense 77,150 7,150 Supplies Supplies expense 12,340 Utilities expense 46,290 Wages expense 220,440 Required: 1. Prepare an income statement for the year ended December 31, 2018. Journey Travel Agency Income Statement For the Year Ended December 31, 2018 , Fees Earned $ 580,100 Expenses: Wages Expense 220,440 Rent Expense 77,150 Utilities Expense 46,290 Supplies Expense 12.340 1. Prepare an income statement for the year ended December 31, 2018. Journey Travel Agency Income Statement For the Year Ended December 31, 2018 Fees Earned 580,100 Expenses: Wages Expense 220,440 Rent Expense 77,150 Utilities Expense 46,290 Supplies Expense 12,340 Miscellaneous Expense 4,630 Total expenses 360,850 Net Income 2. Prepare a retained earnings statement for the year ended December 31, 2018. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Journey Travel Agency Retained Earnings Statement For the Year Ended December 31, 2018 3. Prepare a balance sheet as of December 31, 2018. When entering assets, enter them in order of liquidity. 3. Prepare a balance sheet as of December 31, 2018. When entering assets, enter them in order of liquidity. Journey Travel Agency Balance Sheet December 31, 2018 Assets Total assets Liabilities Stockholders' Equity Total stockholders' equity Total llabilities and stockholders' equity 4. What item appears on both the retained earnings statement and the balance sheet