Account Title Debit Credit Cash $ 8,000 Accounts receivable 17,500 Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable 3,000 172,000 $ 36,000 85,000 12,000 Interest payable 4,000 Long-term notes payable 58,000 Common stock 15,000 Retained earnings 155,000 Dividends 20,000 Trucking revenue 130,000 Depreciation expense-Trucks 23,500 Salaries expense 61,000 Office supplies expense 8,000 Repairs expense-Trucks 12,000 Totals $410,000 $410,000 The Retained Earnings account balance was $155,000 at December 31 of the prior year. (1) Prepare the income statement for the year ended December 31. (2) Prepare the 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 the income statement for the year ended December 31. WILSON TRUCKING COMPANY Income Statement) prior year. (1) Prepare the income statement for the year ended December 31. (2) Prepare the 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 the income statement for the year ended December 31. WILSON TRUCKING COMPANY Income Statement For Year Ended December 31 Revenues Expenses Total expenses