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 29 26 21 88 22 Account Titles Cash 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 6 68 20 124 36 220 220 Other data not yet recorded at December 31 include: a. Insurance expired during the current year, $11. b. Wages payable, $15. c. Depreciation expense for the current year, $17. d. Income tax expense, $5. 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 (in thousands of dollars) Revenues (not detailed) Expenses Pretax income 0 Income tax expense $ Net income 0 Earnings per share 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. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) GREEN VALLEY COMPANY Statement of Stockholders' Equity (in thousands of dollars) Common Stock Additional Paid-in Capital Retained Earnings Total Stockholder Equity 0 $ 0 Beginning balances Stock issuance 68 Net income 0 0 Dividends declared Ending balances (20) (20) $ (20) (20) O 68 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: Cash Accounts receivable Prepaid insurance Total Current Assets 0 Machinery Accumulated depreciation Total assets 0 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable Wages payable Income taxes payable Total current liabilities 0 Stockholders' Equity Common stock Additional paid-in capital Retained earnings Total liabilities and Stockholders' Equity 0