The following information relates to Tone Kon Co. for the year 1996.

\section*{Instructions}
After analyzing the data, prepare an income statement and a retained earnings statement for the year ending December 31,1996 . Beginning retained earnings was \(\$ 5,000\).

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Common stock, January 1, 1996 $45,000 Advertising expense 1,800 Dividends, during 1996 5,000 Rent expense 10,400 Fees earned 50,000 Utilities expense 3,100 Salaries expense 28,000