We-Sell Realty was organized as a corporation on August 1, 20Y7, by the issuance of common stock of $14,000. We-Sell Realty is owned and operated by Omar Farah, the sole stockholder. The following statements for We-Sell Realty were prepared after its first month of operations: We-Sell Realty Income Statement Sales commissions Expenses: Office salaries expense August 31, 20Y7 $90,000 Rent expense 17,000 Automobile expense 7,900 Miscellaneous expense 2,100 1,200 Supplies expense Total expenses Net income Omar Farah Statement of Stockholders' Equity For the Year Ended August 31, 20Y6 Balances, August 1, 2017 Net income Dividends Balances, August 31, 2017 $142,800 (118,200) $25,600 Retained Earnings $0 Total $0 25,600 (11,000) 25,600 (11,000) $14,600 $14,600 Nevt