Practice Problems: Problem 1 The following items were taken from the accounting records of Talcom, Incorporated. The income statement account balances are for the year ending December 31, 2009. The balance sheet account balances are the balances at December 31, 2009 except for the retained earnings balance which is the balance at 1/1/2009: Instructions: Prepare an income statement, statement of retained earnings, and a classified balance sheet for Talcom Incorporated for the year 2009