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In: AccountingOn December 31, 2018, the accounts in the ledger of MonroeEntertainment Co. are listed below....On December 31, 2018, the accounts in the ledger of MonroeEntertainment Co. are listed below. All accounts have normalbalances. At the beginning of the year, retained earning beginningbalance is $3,000. Cash $ 16,000 Accounts Receivable 6,000Equipment 12,000 Accumulated Depreciation- Equipment (CreditBalance) (6,000) Other Assets 1,000 Accounts Payable 1,800Long-term Note Payable 10,000 Common Stock 1,000 Sales 50,000 Costof Goods sold 21,000 Selling Salaries Expense 3,000 AdministrationWages Expense 6,000 Depreciation Expense (Office Equipment) 5,000Interest Expense 800 Dividends $ 1,0001. Generate the Multi-Step Income Statement below (10 points) 2.Generate Retained Earnings Statement based upon the aboveinformation and net income you calculated. (10 points). 3. GenerateBalance Sheet as of December 31, 2018 (15 points). ?
