Prepare a balance sheet and income statement for Belmond, Inc. from the following information.
Inventory ............... $ 6,500
Common stock............. 45,000
Cash............... 16,550
Operating expenses............. 1,350
Short- term notes payable......... 600
Interest expense............... 900
Depreciation expense........... 500
Sales............... 12,800
Accounts receivable............. 9,600
Accounts payable.............. 4,800
Long- term debt.............. 55,000
Cost of goods sold............. 5,750
Buildings and equipment......... 122,000
Accumulated depreciation.......... 34,000
Taxes............... 1,440
General and administrative expenses.... 850
Retained earnings ?