United Corporation began operations several years ago. Its post-closing trial balance at May 31, 2014 is shown below. United Corporation's closing entries are also shown below.

Shares worth $5,000 were sold during May 2014. Use this information to prepare the following :

1. Classified, Multiple-Step income statement for the year ended May 31.
2. Statement of changes in equity for the year ended May 31.
3. 

General Journal Page GJ1 Date Account/Explanation Debit Credit 31/May Sales 11,520 Rent Earned 19,460 Interest Earned 6,270 Income Summary 37,250 Close temporary credit balance accounts 31/May Income Summary 45,780 Depreciation Expense, Office Furniture 1,700 Depreciation Expense, Store Fixtures 1,770 Cost Of Goods Sold 11,560 Interest Expense 1,440 Rent expense, office space 7,440 Rent expense, selling space 7,870 Office Supplies Expense 6,660 Store Supplies Expense 5,930 Sales Discounts 550 Sales Returns and Allowances 860 Close temporary debit balance accounts 31/May Retained Earnings 8,530 Income Summary. 8,530 Close income summary 31/May Retained Earnings 2,250 Dividends 2,250 Close dividends