(Complete statements of income and retained earnings, LO 1, 2, 3) Selkirk Corporation began operation in 2005. Its summarized financial statements are presented below. Fill in the shaded areas to complete the financial statements. Begin your work in 2005 and move forward from there.

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2007 2006 2005 Revenues Expenses $275,000 $250,000 235,000 215,000 Net income 65,000 52,000 Retained earnings at the beginning of the year 0 Dividends declared during the year 18,000 Retained earnings at the end of the year 125,000 40,000 Capital stock at the end of the year 75,000 75,000 Liabilities at the end of the year 200,000 190,000 Assets at the end of the year 415,000 265,000