M1-16 (Algo) Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet (LO 1- 2, LO 1-3) [The following information applies to the questions displayed below.) The following information was reported in the December 31 financial statements of National Airways, Incorporated (listed alphabetically, amounts in millions). Accounts Payable Accounts Receivable Aircraft Fuel Expense Cash Common Stock Dividende Equipment Income Tax Expense Interest Expense Landing Yeon Expenso Notes Payable Repairs and Maintenance Expense Retained Earnings (as of December 31) Salaries and Wages Expense Supplies Ticket Revenues $4,550 590 8.800 2,980 1,225 25 14, 490 200 140 3,200 6.955 2,300 6,015 3,295 685 17,600 M1-16 (Algo) Part 1 1. Prepare an income statement for the year ended December 31. (Enter your answers in millions (.e., 10,000,000 should be entered as 10.).)