M4-14 Reporting an Income Statement (LO 4-4] The Sky Blue Corporation has the following adjusted trial balance at December 31 Cash Accounts Receivable Prepaid Insurance Notos Receivable (long-term) $ 1,190 1,600 1,900 2,600 11,600 Accounts Payable Salaries and Wages Payable Income Taxes Payable S 2,200 5,220 1,200 2,500 560 Unearned Revenue Common Stock Retained Earnings 2,000 1,200 260 Sales Revenue Rent Revenue Salaries and Wagos Expense Dopreciation Expense Utiities Expense Insurance Expense Rent Expense Income Tax Expense 39,430 260 21,200 1,100 3,820 1,200 5,600 2.500 Total $54,570 $54,570 1. Prepare an income statement for the year ended December 31. Income Statement 2. How much net income did the Sky Blue Corporation generate during the year