The only answer I need is in the red line and also I marked it black thank you..... These financial statement items are for Rugen Company at year$-$end, July $31,2021.$ Salaries and wages payable $$2,980$ Notes payable $($long$-$term$)$ $$3,000$ Salaries and wages expense $45,700$ Cash $5,200$ Utilities expense $21,100$ Accounts receivable $9,780$ Equipment $38,000$ Accumulated depreciation$-$equipment $6,000$ Accounts payable $4,100$ Dividends $4,000$ Service revenue $57,200$ Depreciation expense $4,000$ Rent revenue $6,500$ Retained Earnings $($Aug$.1,2020)28,000$ Common Stock $20,000$ Prepare an income statement for July $31.$ RUGEN COMPANY Income Statement For the Year Ended July $31,2021$ Revenues Service Revenue $ $57,200$ Rent Revenue $6,500$ Total Revenues $ $63,700$ Expenses Salaries and Wages Expense $ $45,700$ Utilities Expense $21,100$ i Depreciation Expense $4,000$ i Total Expenses $70\mathrm{.}800$ i Net Income $/($Loss$)$ $ $7,100$ RUGEN COMPANY Retained Earnings Statement For the Year Ended July $31,2021$ $ $