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 trial balance Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Share capital Retained earnings Dividend Service Revenues Insurance expenses Wage expenses Depreciation expenses Income tax expenses Supplies expenses Totals Debit Credit 20 13 8 85 11 67 4 6 82 4 6 9 5 8 164 164 Other data not yet recorded at December 31 include: a. Insurance expired during the current year, $7. b. Wages payable, $4. c. Depreciation expense for the current year, $9. d. Income tax expense, $11. Required: 1- Using the adjusted balances, Prepare an income statement. 2- Prepare the closing entries for the current year. 3- Prepare a T account for the retained earnings