CUE Corporation was formed at the beginning of 20X2, and presents the following incomplete financial statements for three years. CUE has requested your help in completing the missing values for each year. Begin by solving the unknowns in the 20X2 year, and work forward to subsquent years. Remember that 20X2 is the first year of business, so Cue begins with a zero balance in 20X2 beginning retained earnings.

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INCOME STATEMENTS FOR THE YEARS ENDING DECEMBER 31, 20XX Revenues Services to customers Expenses Wages Interest Net income 20X4 ? 3,000 20X3 20X2 $200,000 ? $117,000 ? 3,000 5,000 $40,000 $100,000