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Required information Use the following information for Quick Studies below. (Static) [The following information applies to the questions displayed below) The following is the adjusted that balance of Sierra Company Sierra Company Adjusted Trial Balance December 31 Account Title Debit Credit Cash $5,000 Prepaid insurance See Notes receivable (due in 5 years) 4.000 Buildings 20.000 Accumulated depreciation-Bulidings $ 12,000 Accounts payable 2,500 Notes payable (due in years) 3,000 Connon stock 5,000 Retained earnings 4,500 Dividends 1.000 Consulting revenue 9,500 Nages expense 1,500 Depreciation expense-Buildings 2,000 Insurance expense 1,500 Totals $37,500 $ 37,500 QS 3-30 (Static) Preparing an income statement & statement of retained earnings LO C2 QS 3-30 (Static) Preparing an income statement & statement of retained earnings LO C2 (1) Prepare an income statement for the year ended December 31. (2) Prepare a statement of retained earnings for the year ended December 31. The Retained Earnings account balance was $4.500 on December 31 of the prior year. 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 For Year Ended December 31 Revenues: Consulting revenue $ 0.500 Total revenues $ 0,500 $ Expenses Wages expense Depreciation expense-Buildings Insurance expense 3.600 2.000 1.500 Total expenses 7.000 2.500 $ QS 3-30 (Static) Preparing an Income statement & statement of retained earnings LO C2 (1) Prepare an income statement for the year ended December 31. (2) Prepare a statement of retained earnings for the year ended December 31. The Retained Earnings account balance was $4,500 on December 31 of the prior year. 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. The Retained Earnings account balance was $4,500 on December 31 of the prior year. SIERRA COMPANY Statement of Retained Earnings $ Retained earnings. December 31 prior year Add Net income 4.500 2.500 7,000 1.000 Less: Dividends Retained earnings, December 31 current year $ 6.000