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4. (80 Points) Using the adjusted trial balance for Martin Air Freight shown below, prepare the income statement, statement of retained earnings, and balance sheet.

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4. (80 Points) Using the adjusted trial balance for Martin Air Freight shown below, prepare the income statement, statement of retained earnings, and balance sheet. Martin Air Freight Adjusted Trial Balance December 31 Debit Credit Cash $18,200 Accounts receivable 34,200 Supplies 2,100 Long-term investments 25,000 Shipping equipment 45,000 Accumulated depreciation Shipping equipment $11,080 Patent 16,000 Accounts payable 16,200 Wages payable 4,120 Long-term notes payable 20,000 Common stock 10,000 Retained earnings 30,400 Dividends 15,000 Shipping fees earned 145,000 Rent expense 8,000 Wages expense 62,000 Supplies expense 2,500 Depreciation expense-Shipping equipment 4,050

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