Prepare Wells Technical Institute's income statement for the year.

Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $79,000 on December 31 of the prior year.

Prepare Wells Technical Institute's balance sheet as of December 31.

Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals $26,642 0 10,245 15,371 2,050 30,739 105,000 $9,223 16,396 24,000 14,000 29,610 79,000 40,988 104,516 38,937 0 49,186 0 22,550 7,173 5,738 $315,682 $315,682