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M. The following is the adjusted trial balance of Sierra Company Account Title Debit Credit Cash $ 45,000 Prepaid Insurance 2,500 Notes receivable (due in 5 years) 8,000 Buildings 120,000 Accumulated depreciation-Building $ 32,000 Accounts payable Notes payable (due in 3 years) 13,000 H. Sierra, Capital 40,500 H. Sierra, withdrawals 11,000 Consulting revenue 109,500 Wages expense 5,500 Depreciation expense-buildings 12,000 Insurance expense 3,500 Totals $207,500 5207,500 12,500 QS 4-10 Preparing financial statements LO C2 Required (1) Prepare an income statement for the year ended December 31 (2) Prepare a statement of owner's equity for the year ended December 31 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year ended December 31. SIERRA COMPANY Income Statement