The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $600,000 on January 1, 2016, the beginning of the year. During the year, dividends of $42,000 were paid.

Instructions
1. Prepare an income statement for the year ended December 31, 2016.
2. Prepare a retained earnings statement for the year ended December 31, 2016.
3. Prepare a balance sheet as of December 31, 2016.
4. What item appears on both the retained earnings statement and the balance sheet?

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Accounts payable 69,500 Miscellaneous expense 6,400 Accounts rciable 285,000 nt expense Cash Common stock Fees earned Land 190,500 70,000 Supplies expense 912,500 Utiliies expense 544,000 Wages expense 36,000 5,500 4,100 28,500 510,000 Supplies