02/ 20/ 22:38 PM Damon Hair Stylists' adjusted trial balance and income statement follow Prepare Damon's statement of retained earnings for the year ended December 31, 2024 B2: (Click on the icon to view the adjusted trial balance.) (Click on the icon to view the income statement) Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal (For amounts with a 50 balance, make sure to enter "0" in the appropriate cell) Damon Hair Stylists Statement of Retained Earnings Year Ended December 31, 2024 Retained Earnings, January 1, 2024 Data table Reference Damon Hair Stylists Damon Hair Stylists Adjusted Trial Balance Income Statement December 31, 2024 Year Ended December 31, 2024 Revenues: Balance Debit Credit Retained Earnings, December 31, 2024 Account Title Service Revenue $ 15,200 Cash $ 1,000 Expenses: Rent Expense Accounts Receivable 500 $ 5.400 Office Supplies 1.400 Interest Expense 1.600 19,400 Depreciation Expense-Equipment 2.000 Equipment Accumulated Depreciation Equipment $ 2.000 700 Supplies Expense 500 9.700 Accounts Payable Total Expenses 950 $ 5,500 Net Income (Loss) Interest Payable Notes Payable 3.500 Common Stock 10 850 Dividends 1,000 Print Done Service Revenue 15, 200 Rent Expense 5,400