On May 1, Yoon Flying School, a company that provides flying lessons, was started with an investment of W45,000,000 cash in the business. Following are the assets and liabilities of the company on May 31, 2011, and the revenues and expenses for the month of May (in thousands). Cash Accounts Receivable Equipment Lesson Revenue W 5,600 Notes Payable 7,200 Rent Expense 64,000 Repair Expense 7,500 Fuel Expense W30,000, 1,2004 400 2,500 , les ie, w (a) Prepare an income statement and a retained earnings statement for the month of May and a statement of financial position at May 31. Assesty Libilities Equity I cash supplies & Equipment cash shoot 106 F4o. 317200 45o P1-3A On May 1, Yoon Flying School, a company that provides flying lessons, was started with an investment of W45,000,000 cash in the business Following are the assets and liabilities of the company on May 31, 2011, and the revenues and expenses for the month of May (in thousands) Cash Accounts Receivable W30,000 1.2004 Equipment W 5,600 Notes Payable 7.200 Rent Expense 64,000 Repair Expense 7.500 Fuel Expense 500 Insurance Expense Accounts Payable 400 | Lesson Revenue Advertising Expense 02 2,500 400 8000 A - No aditional investments were made in May, but the company paid dividends of W1.500.000 during the month Instructions (a) Prepare an income statement and a retained earnings statement for the month of May and a statement of financial position at May 31. Assest1 Labilities Equity cash & supplies & Equipment or + 4 200