On June 1, 2022, Crane Company was started with an initial investment in the company of $26,000 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations:
Cash $ 4,850
Notes payable $12,500
Accounts receivable 4,250
Accounts payable 750
Service revenue 7,800
Supplies expense 1,100
Supplies 2,329
Maintenance and repairs expense 690
Advertising expense 400
Utilities expense 210
Equipment 30,200
Salaries and wages expense 1,500
Common stock 26,000
During June, the company issued no additional stock but paid dividends of $1,521.
Prepare a retained earnings statement for the month of June.
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