Exercise 1-23 (Algo) Linking the income statement and statement of retained earnings LO P2 Terrell Company reported the following data at the end of its first year of operations on December 31. Equipment Accounts payable Common stock Dividends Services revenue Rent revenue Salaries expense Advertising expense Utilities expense $ 28,000 17,000 32,000 15,000 78,000 19,000 47,000 13,000 11,000 (a) Prepare its year-end income statement. (b) Prepare its year-end statement of retained earnings, using net income calculated in part a. Hint: Retained Earnings on January 1 was $0. Complete this question by entering your answers in the tabs below. Required A Required B Prepare its year-end income statement. TERRELL COMPANY Income Statement For Year Ended December 31 Revenues Total revenue Expenses Total expenses Required A Required B > Exercise 1-23 (Algo) Linking the income statement and statement of retained earnings LO P2 Terrell Company reported the following data at the end of its first year of operations on December 31. Equipment Accounts payable Common stock Dividends Services revenue Rent revenue Salaries expense Advertising expense Utilities expense $ 28,000 17,000 32,000 15,000 78,000 19,000 47,000 13,000 (a) Prepare its year-end income statement. 11,000 (b) Prepare its year-end statement of retained earnings, using net income calculated in part a. Hint: Retained Earnings on January 1 $0. Complete this question by entering your answers in the tabs below. Required A Required B Prepare its year-end statement of retained earnings, using net income calculated in part a. Hint: Retained Earnings on January 1 was $0. TERRELL COMPANY Statement of Retained Earnings For Year Ended December 31 Retained earnings, January 1 < Required A Required B