Can you solve this probelm step by step please and what would be the correct answers and why?

Using the adjusted balances, prepare balance sheet for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. \begin{tabular}{|c|c|} \hline & \\ \hline & \\ \hline Total current assets & \\ \hline & \\ \hline & \\ \hline & \\ \hline Net machinery & \\ \hline Total assets & \\ \hline Liabilities and stockholders' equity & \\ \hline Current liabilities: & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline Total liabilities and stockholders' equity & \\ \hline Total current liabilities & \\ \hline Stockholders' equity & \\ \hline \end{tabular} Required 2 Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in theusands. Other data not yet recorded at December 31 include a. Insurance expired during the current year, $2. b. Wages payable, $4. c. Depreciation expense for the current year, $6. d. Income tax expense, $7. Required: 1. Using the adjusted balances, prepare an income statement for the current year. 2. Using the adjusted balances, prepare statement of stockholder' equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year. 3. Using the adjusted balances, prepare balance sheet for the current year. Complete this question by entering your answers in the tabs below. Using the adjusted balances, prepare an income statement for the current year. Note: Enter your answers in thousands. Round "Earnings per share" to 2 decimal places. Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31 , To simplify the case, the amounts given are in thousands of dollars. Other data not yet recorded at December 31 include a. Insurance expired during the current year, $2. b. Wages payable, $4 c. Depreciation expense for the current year, $6. d. Income tax expense, \$7. Required: 1. Using the adjusted balances, prepare an income statement for the current year. 2. Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year. 3. Using the adjusted balances, prepare balance sheet for the current year