You are given a choice of taking the simple interest on 100,000 invested for 2 years

The following items are taken from the financial statements of Lansing Company for 2010.

Accounts payable                        $16,500
Accounts receivable                      25,500
Accumulated depreciation              12,600
Bonds payable                              35,000
Cash                                             55,000
Common stock                              75,000
Cost of goods sold                        53,000
Depreciation expense                      6,300
Dividends                                        5,300
Equipment                                     35,000
Interest expense                              4,300
Patents                                           6,500
Retained earnings, January  1          80,000
Salaries expense                           42,000
Sales revenue                             115,000
Supplies                                         3,500

Instructions: Prepare an income statement and a retained earnings statement for Lansing Company

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