M4-14 Reporting an Income Statement [LO 4-4] The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Debit $ 1,200 1,700 2,000 2,700 11,700 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Unearned Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense $ 2,300 5,270 1,100 2,600 570 2,100 1,100 270 40,180 270 21,300 1,150 3,920 1,250 5,700 2,600 Total $55,490 $55,490 1. Prepare an income statement for the year ended December 31. SKY BLUE CORPORATION Income Statement 2. How much net income did the Sky Blue Corporation generate during the year? Net Income