E4-21 (Algo) Reporting an Income Statement, Statement of Stockholders' Equity, and Balance Sheet LO4-2 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. Cash Account Titles Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (6,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals UNADJUSTED Debit Credit 27 24 19 86 20 61 66 18 116 34 208 208 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $12. b. Wages payable, $13. c. Depreciation expense for the current year, $15. d. Income tax expense, $12. 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.