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Required information [The following information applies to the questions displayed below.) The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Debit $ 1,290 2,600 2,900 3,600 15,000 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred 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 Total $ 3,800 6,020 1,300 3,500 720 3,000 1,240 360 47,430 360 22,800 1,900 4,820 2,000 6,600 3,500 $ 67,370 $ 67,370 Required: 1. Prepare an income statement for the year ended December 31. 2. How much net income did the Sky Blue Corporation generate during the year? 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. SKY BLUE CORPORATION Income Statement 0 Required: Prepare a statement of retained earnings for the year. SKY BLUE CORPORATION Statement of Retained Earnings Balance, January 1 Balance, December 31 1. Prepare a classified balance sheet at December 31. 2. Are the Sky Blue Corporation's assets financed primarily by debt or equity? Required 1 Required 2 Prepare a classified balance sheet at December 31. (Amounts to be deducted should be indic SKY BLUE CORPORATION Balance Sheet 0 0 0