E4-21 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. UNADJUSTED Debit Credit 13 10 5 72 6 Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (7,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals 7 52 4 59 20 124 124 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. (Enter your answers in thousands. Round "Earnings per share" to 2 decimal places.) Required: 1. Using the adjusted balances, prepare an income statement for the current year. (Enter your answers in thousands. Round "Earnings per share" to 2 decimal places.) GREEN VALLEY COMPANY Income Statement For the Year Ended December 31 (in thousands of dollars) Revenues (not detailed) Expenses Pretax income 0 Income taxes payable Net income $ 0 Earnings per share 3. Using the adjusted balances, prepare balance sheet for the current year. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) GREEN VALLEY COMPANY Balance Sheet (in thousands of dollars) Assets Current Assets: Total Current Assets 0 S Total assets Liabilities and Stockholders' Equity Current Liabilities: Total current liabilities 0 Stockholders' Equity Total liabilities and Stockholders' Equity S