Following are the amounts of the assets and liabilities of Greco Travel Agency at December 31, 2006, the end of the current year, and its revenue and expenses for the year. The retained earnings were $8,700, and the capital stock was $7,500 on January 1, 2006, the beginning of the current year. During the current year, dividends of $47,000 were paid.

Instructions
1. Prepare an income statement for the current year ended December 31, 2006.
2. Prepare a retained earnings statement for the current year ended December 31, 2006.
3. Prepare a balance sheet as of December 31,2006.

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Accounts payable Accounts receivable Cash Fees earned Miscellaneous expense 5,120 31,200 11,520 188,000 2,800 Rent expense Supplies Supplies expense Utilities expense Wages expense $36,000 3,000 4,500 16,500 56,800