Heyuncu Hildur M4-14 through M4-17 Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries (LO 4-4, LO 4-5) [The following information applies to the questions displayed below.) The Sky Blue Corporation has the following adjusted trial balance at December 31 Debit Credit Cash $ 1,330 Accounts Receivable Prepaid Insurance 3,000 3,300 Notes Receivable (long-term) 4,000 Equipment 17,000 Accumulated Depreciation Accounts Payable $ 4,600 6,420 Salaries and Wages Payable 1,500 Income Taxes Payable 3,900 Deferred Revenue Common Stock 800 3,400 Retained Earnings 1.400 Dividends 400 Sales Revenue 51,030 Rent Revenue 400 Salaries and Wages Expense 23,600 Depreciation Expense Utilities Expense 5,220 Insurance Expense 2.400 Rent Expense 7.000 Income Tax Expense 3.900 Total $73,450 $ 73,450 2,300 M4-15 Prepare a statement of retained earnings for the year. SKY BLUE CORPORATION Statement of Retained Earnings Balance, January 1 Balance, December 31 Prepare closing journal entries on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet