The Wizard’s Corner, a company that sells video games and related items, had the following account balances at the end of June 2016:

Cost of goods sold ................ $103,000

Common shares ................ 33,000

Advertising expense .............. 6,000

Equipment .................. 11,000

Depreciation expense ............... 2,000

Dividends declared ............. 3,000

Accounts payable ................ 11,000

Inventory ................... 28,000

Wage expense ................. 36,000

Sales ...................... 160,000

Accounts receivable ............... 15,000

Rent expense .................. 12,000

Cash ..................... 10,000

Prepaid rent ................... 1,000

Wages payable .................. 2,000

Retained earnings (as at July 1, 2015) ........ 21,000

Required:

a. Prepare a statement of income for the year ended June 30, 2016.

b. Calculate the amount of retained earnings as at June 30, 2016.

c. Prepare a statement of financial position as at June 30, 2016.