These items are taken from the financial statements of Drew Corporation at December 31, 2022.Retained earnings (beginning of year) $33,000Utilities expense 2,000Equipment 56,000Accounts payable 15,300Cash 15,900Salaries and wages payable 3,000Common stock 13,000Dividends 14,000Service revenue 78,000Prepaid insurance 3,500Maintenance and repairs expense 1,800Depreciation expense 3,300Accounts receivable 14,200Insurance expense 2,200Salaries and wages expense 47,000Accumulated depreciation—equipment 17,600InstructionsPrepare an income statement and a retained earnings statement for the year ended December 31, 2022 and a classified balance sheet as of December 31, 2022.