LO 1-2, 1-3 M1-16 Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet The following information was reported in the December 31, 2017, financial statements of National Airways, Inc. (listed alphabetically, amounts in millions). Accounts Payable Accounts Receivable Aircraft Fuel Expense Cash Common Stock Dividends Equipment Income Tax Expense $ 4,650 580 8,700 2,970 1.220 20 14,370 260 Interest Expense Landing Fees Expense Notes Payable Repairs and Maintenance Expense Retained Earnings (as of December 31, 2017) Salaries and Wages Expense Supplies Ticket Revenues $ 130 3.100 6.950 1,200 5,780 3,280 680 17.100 CHAPTER 1 Business Decisions and Financia 1. Prepare an income statement for the year ended December 31, 2017 2. Prepare a statement of retained earnings for the year ended December 31, 2017. TIP: Assume the balance in Retained Earnings was $5,370 (million) at January 1, 2017 3. Prepare a balance sheet at December 31, 2017 4. Using the balance sheet, indicate whether the total assets of National Airways at the end of the year were financed primarily by liabilities or stockholders' equity