CSI Pty Ltd was started on 1 May with an investment of $45 000 cash. Following are the assets and liabilities of the company on 31 May 2012, and the revenues and expenses for the month of May, its first month of operations. Cash $ 7800 Bank loan $30 000 Accounts receivable 11 400 Rent expense 1 500 Equipment 60 000 Repair expense 500 Service revenue 10 000 Fuel expense 3 400 Advertising expense 900 Insurance expense 400 Accounts payable 2 400 No further shares were issued in May, but a dividend of $1500 in cash was paid. Required Prepare an income statement and a calculation of retained earnings for the month of May and prepare a statement of financial position as at 31 May 2012