Prag began operations on January 1, 2016. The Prag accountant compiled the following information on December 31, 2016:

sales revenue	$53,000		equipment, net	$28,000
Bills	41,000		building net	51,000
dividends	9,000		Accounts payable	9,000
Money	6,250		Pay	50,500
accounts receivable	7,750		Common actions	37,000
Inventory	6,500		Retained earnings	?

Required

You have been asked to assist the accountant for the Prag Corporation in preparing the year-end financial statements. 

Use the above information to prepare an income statement, a statement of shareholders' equity, and a balance sheet as of December 31, 2016.