Exercise 1-23 (Algo) Linking the income statement and statement of retained earnings LO P2 Terrell Co. 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 $19,500 8,500. 23,500 6,500 52,500 10,500 38,500 4,500 2,500 (a) Prepare its year-end income statement. (b) Prepare its year-end statement of retained earnings, using net income calculated in part a. Complete this question by entering your answers in the tabs below. Required A Required B Prepare its year-end income statement. TERRELL CO. Income Statement. Required A Required B Prepare its year-end income statement. TERRELL CO. Income Statement For Year Ended December 31 Revenues Services revenue Rent revenue Total revenue $ 0 Expenses Total expenses EA $ 0 0 es Required A Required B Prepare its year-end statement of retained earnings, using net income calculated in part a. TERRELL CO. Statement of Retained Earnings For Year Ended December 31 < Required A 0 Required B >