This information relates to York Inc. for the year:
Advertising expense ........... $ 2,400
Dividends paid ............. 7,000
Rent expense .............. 10,400
Retained earnings, January 1 ........ 57,000
Salaries expense ............. 28,000
Service revenue .............. 61,000
Utilities expense ............ 1,800
Required
Prepare an income statement and a statement of retained earnings for the year.