Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $ 39,800 2,200 7,400 105,000 $ 29,00 11,000 11,500 13,5ee 22,500 9,see 94,500 5,200 10, see 3, 2ee $182,000 $182, eee QS 3-22 (Algo) Preparing financial statements LO P5 Required (1) Prepare an income statement for the year ended December 31 (2) Prepare a statement of retained earnings for the year ended December 31 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year ended December 31. SIERRA COMPANY Income Statement Total revenue Total expense 0 s 0 The following is the adjusted trial balance of Sierra Company. The Retained Earnings accou December 31 of the prior year. Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $ 39,eee 2,200 7,480 105,eee $ 29,eee 11, eee 11,5ee 13,5ee 22,500 9,500 94,500 5,200 1e, see 3,200 $182,000 $182,eee QS 3-22 (Algo) Preparing financial statements LO P5 Required (1) Prepare an income statement for the year ended December 31 (2) Prepare a statement of retained eamings for the year ended December 31 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a statement of retained earnings for the year ended December 31. Owner made no investment period. SIERRA COMPANY Statement of Retained Earnings Retained earnings, December 31 prior year end 0 Retained earnings, December 31 current year and S