Presented here are the accounts of Golden City Barbershop for the year ended December 31, 2016.

Land.......... $ 5,000

Notes Payable....... 37,000

Property Tax Expense.... 2,700

Dividends........ 32,000

Rent Expense....... 11,000

Salaries Expense.... 61,000

Salaries Payable.... 900

Service Revenue.... 195,000

Office Supplies.... 9,000

Retained Earnings, 12/31/15.. 49,000

Common Stock....$ 25,000

Accounts Payable.... 17,000

Accounts Receivable.... 900

Advertising Expense.... 13,000

Building........ 157,000

Cash........... 3,800

Equipment........ 19,000

Insurance Expense.... 2,500

Interest Expense.... 7,000

Requirements

1. Prepare Golden City Barbershop's income statement.

2. Prepare the statement of retained earnings.

3. Prepare the balance sheet.