M$4-14$ through M$4-17($Algo$)$ Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries $[$LO $44,[$O $4-5]$

$[$The following information applies to the questions displayed below.$]$

The Sky Blue Corporation has the following adjusted trial balance at December $31.$

$\backslash$table$[[,$Debit,Credit$],[$Cash$,$$$1,280,],[$Accounts Receivable,$2,500,],[$Prepaid Insurance,$2,800,],[$Notes Receivable $($long$-$term$),3,500,],[$Equipment$,14,500,],[$Accumulated Depreciation,,$$3,600$