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 Debit Credit 15 12 7 74 8 Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (6,000 shares) Additional paid-in capital Retained earnings Revenues not detailed) Expenses (not detailed) Totals 6 54 6 68 22 136 136 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $4. b. Wages payable, $6. c. Depreciation expense for the current year, $8. d. Income tax expense, $9. 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. GREEN VALLEY COMPANY Income Statement For the Current Year Ended December 31 (in thousands of dollars) Revenues (not detailed) Expenses Pretax income 0 Income tax expense Net income $ 0 Earnings per share GREEN VALLEY COMPANY Statement of Stockholders' Equity At December 31 (in thousands of dollars) Common Stock Additional Paid-in Capital Retained Earnings Total Stockholder' Equity Beginning balances Common stock Additional paid-in capital Ending balances $ 0 $ 0 $ 0 $ 0 GREEN VALLEY COMPANY Balance Sheet (in thousands of dollars) Assets Current assets: Total current assets 0 Net machinery 0 Total assets $ 0 Liabilities and Stockholders' Equity Current liabilities