8-04.02 Preparing financial statements from an adjusted trial balance Reagan Sakai is in charge of financial management for Land Monitrix. Land Monitrix utilizes satellite tech- nology and sophisticated mapping software to alert its customers to trespassing, illegal dumping, and other encroachments on property these customers own around the globe. Customers typically purchase one-year contracts for this service, and the pricing depends on the number and size of sites monitored. SPREADSHEET Mr. Sakai desires to review financial reports-an income statement, statement of retained earnings, and TOOL: balance sheet. Prepare these reports from the following adjusted trial balance. Mr. Sakai needs this informa tion for internal review purposes, and does not require a classified balance sheet. The operating data relate to the full year. Mocros LAND MONITRIX CORPORATION Adjusted Trial Balance As of December 31, 20X5 Debits Credits Cash 5 834,221 Accounts receivable 345,909 Prepaid expenses 45,787 Supplies 66,665 Satellite equipment 3,009,000 Accumulated depreciation $1,222,199 Accounts payable 544,190 Unearned revenues 455,000 Loan payable 1,000,000 Capital stock 560,000 Retained earnings, Jan. 1 228,892 Dividends 50.000 Revenues 2.373,402 Selling expenses 476,445 Interest expense 80,000 Salaries expense 677,667 Maintenance and supplies expense 222,989 Depreciation expense 575,000 56.383.683 56383.683