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 Dividends Equipment Income Tax Expense $4,085 750 10,400 3,140 1,305 40 16,410 360 Interest Expense 300 Landing Fees Expense 4,800 Notes Payable 7,035 Repairs and Maintenance Expense 2,900 Retained Earnings (as of December 31) 8,720 Salaries and Wages Expense 3,535 Supplies 765 Ticket Revenues 25,600 M1-16 (Algo) Part 2 2. Prepare a statement of retained earnings for the year ended December 31. TIP: Assume the balance in Retained Earnings was $5,455 (million) at January 1. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.).) NATIONAL AIRWAYS, Incorporated Statement of Retained Earnings (Amounts in millions) Retained Eamings, January 1 $ 5,455 Add: Net Income Less: Dividends Retained Earnings, December 31