Labels and Amount Descriptions Statement of Retained Earnings 2. Prepare the statement of retained earnings for Year 1. RetainedEarningsInstructions Mackenzie Inc. uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, Year 1: For classification purposes: Note payable is due July 1 , Year 5 Interest payable is due July 1 , Year 5 Common Stock ( 1,500 shares) Required: Prepare in proper form for Year 1 the company's: (1) income statement, (2) retained earnings statement, (3) ending balance sheet, and (4) closing entries in its general journal. Chart of Accounts 4. Prepare the company's closing entries on December 31. GeneralJournalInstructions 3. Prepare the balance sheet at December 31, Year 1. Balance Sheet Instructions MACKENZIE INC. Income Statement For the Year Ended December 31, Year 1 \begin{tabular}{|l|l|l|l|l|l|} \hline 1 & & \\ \hline 2 & & & \\ \hline 4 & (Label) & \\ \hline 5 & & \\ \hline 6 & & \\ \hline 7 & & \\ \hline 8 & & \\ \hline 9 & (Label) & \\ \hline 10 & & \\ \hline 11 & & \\ \hline 12 & & \\ \hline 13 & & \\ \hline 14 & & \\ \hline 15 & & \\ \hline 16 & Earnings per share (1,500 shares) & \\ \hline & & \\ \hline \end{tabular}