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. Cash Account Titles Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (4,000 shares) Additional paid-in capital Retained earnings Revenuen (not detailed) Expenses (not detailed) Totals UNADJUSTED Debit 20 Credit 13 8 85 11 82 32 164 164 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $6. b. Wages payable, $4. c. Depreciation expense for the current year, $9. d. Income tax expense, $7. Required: 1. Using the adjusted balances, prepare an income statement for the current year. Required: 1. Using the adjusted balances, prepare an income statement for the current year. 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. 3. Using the adjusted balances, prepare balance sheet for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Using the adjusted balances, prepare an income statement for the current year. Note: Enter your answers in thousands. GREEN VALLEY COMPANY Income Statement For the Current Year Ended December 31 (in thousands of dollars) Cash $ 20 Accounts receivable 13 7 Prepaid insurance 8 $ (1) Earnings per share 3. Using the adjusted balances, prepare balance sheet for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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. Note: 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) Beginning balances Common Stock Additional Paid-in Capital Retained Earnings Total Stockholders' Equity Ending balances $ 0 $ 0 $ 0 Check my Required 1 Required 2 Required 3 Using the adjusted balances, prepare balance sheet for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. GREEN VALLEY COMPANY Balance Sheet Assets Current assets: (in thousands of dollars) Total current assets Net machinery Total assets Liabilities and stockholders' equity Current liabilities: 0 0 $ 0 Total current assets Net machinery Total assets Liabilities and stockholders' equity Current liabilities: 0 $ 0 Total current liabilities 0 Stockholders' equity Total stockholders' equity 0 Total liabilities and stockholders' equity