Reference no: EM132654831

The following items are taken from the financial statements of Grove Company for 2017:

Accounts payable                              $18,500

Accounts receivable                            8,000

Accumulated depreciation-equipment      4,800

Bonds payable                                  18,000

Cash                                              24,000

Common stock                                  25,000

Cost of goods sold                            27,000

Depreciation expense                         4,800

Dividends                                          5,300

Equipment                                       44,000

Interest expense                                 2,500

Patents                                              7,500

Retained earnings, January 1                  16,000

Salaries and wages expense                    5,200

Sales revenue                                50,500

Supplies                                          4,500

Problem 1: Make income statement and a retained earnings statement for Grove Company.