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. (a) Prepare its year-end income statement. (b) Prepare its yearend statement of retained earnings, using net income calculated in part a. Hint: Retained Earnings on January 1 was $0. (a) Prepare its yeor-end income statement. (b) Prepare its yearend statement of retained earnings, using net income calculated in part a. Hint Retained Earnings on Jonuary 1 $0. Complete this question by entering your answers in the tabs below. Prepare its year-end income statement. (a) Prepare its year-end income statement. (b) Prepare its yearend 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. Prepare its year-end statement of retained earnings, using net income calculated in part a. Hint: Retained Earnings on January 1 was $0