Use the following accounts and information to prepare, in good form, an income statement, statement of retained earnings, and balance sheet for Clay Enterprises for the year ended December 31, 2011.

Accts Payable:$4,800

Accts Rec.:600

Buildings:56,000

Cash:26,200

Commissions Earned:20,500

Common Stock:50,000

Dividends:3,000

Insurance Expense:1,000

Land:$39,000

Notes Payable:6,000

Rent Expense:3,000

Salaries Expense:8,400

Supplies:400

Interest Expense:600

Income Tax Expense:1,500

Accumulated Depreciation(Building):4,000