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 Account Titles Debit Credit Cash 20 Accounts receivable 13 Prepaid insurance 8 Machinery 85 Accumulated depreciation Accounts payable 11 Wages payable Income taxes payable Common stock (4,000 shares) Additional paid-in capital 67 Retained earnings Revenues (not detailed) 82 Expenses (not detailed) 32 Totals 164 164 Book 4 Hint 6 Print Other data not yet recorded at December 31 include erences 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, 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. Ic Taw Using the adjusted balances, prepare an income statement for the current year. 82 GREEN VALLEY COMPANY Income Statement For the Current Year Ended December 31 (in thousands of dollars) Revenues (not detailed) Exponses Pretax income Income tax expense Net income $ Earnings per share 58 24 7 17 Hand Required 2 > 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 Requirka 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. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) GREEN VALLEY COMPANY Statement of Stockholders' Equity At December 31 (in thousands of dollars) Additional Common Retained Paid in Stockholders Stock Earnings Capital Equity Beginning balances (6) Net income Total 24 67 67 $ 95 89 $ 4 $ 24 S Ending balances Next > Dance ML At December 31 (in thousands of dollars) Assets Current assets: Cash 20 13 Accounts receivable Prepaid insurance 2 35 Total current assets Machinery Accumulated depreciation 85 (9) 76 $ 111 Net machinery Total assets Liabilities and stockholders' equity Current Liabilities: Accounts payable Wages payable Income taxes payable $ 11 4 7 22 Total current liabilities Stockholders' equity Common stock Additional paid-in capital Retained earnings 4 67 71 Total stockholders' equity Total liabilities and stockholders' equity $ 93 6 of 7 Next