Account Title Debit 8,000 17,500 3,000 172,000 Credit Cash Accounts receivable office supplies Trucks $ 36,000 Accumulated depreciation-Trucks 85,000 Land Accounts payable Interest payable Long-term notes payable Common stock 12,000 4,000 53,000 20,000 155,000 Retained earnings Dividends 20,000 Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks 130,000 23,500 61,000 8,000 12,000 $410,000 $410,000 Totals The Retained Earnings account balance is $155,000 at December 31, 2016. (1) Prepare the income statement for the year ended December 31, 2017. (2) Prepare the statement of retained earnings for the year ended December 31, 2017. Required 1 Required 2 Prepare the income statement for the year ended December 31, 2017. WILSON TRUCKING COMPANY Income Statement For Year Ended December 31, 2017 Revenues Expenses Total expenses Required 2 Required 1 Prepare the statement of retained earnings for the year ended December 31, 2017. WILSON TRUCKING COMPANY Statement of Retained Earnings For Year Ended December 31, 2017 Retained earnings, December 31, 2016 C Retained earnings, December 31, 2017