Prepare an income statement for the year ended December 31, 2017. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.).)

Required information The following information applies to the questions displayed below.] The following information was reported in the December 31, 2017, financial statements of National Airways, Inc. (listed alphabetically, amounts in millions). $ 4,045 770 10,600 3,160 1,315 50 Accounts Payable Accounts Receivable Aircraft Fuel Expense Cash Common Stock Dividends Equipment Income Tax Expense Interest Expense Landing Fees Expense Notes Payable Repairs and Maintenance Expense Retained Earnings (as of December 31, 2017) Salaries and Wages Expense Supplies Ticket Revenues 16,650 380 320 5,000 7,045 3,100 8,950 3,565 775 26,600 1. Prepare an income statement for the year ended December 31, 2017. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.).) 1. Prepare an income statement for the year ended December 31, 2017. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.).) NATIONAL AIRWAYS, INC. Income Statement (Amounts in millions) 2. Prepare a statement of retained earnings for the year ended December 31, 2017. TIP: Assume the balance in Retained Earnings was $5,365 (million) at January 1, 2017. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.).) NATIONAL AIRWAYS, INC. Statement of Retained Earnings (Amounts in millions) Retained Earnings, January 1, 2017 $ 5,365 Retained Earnings, December 31, 2017 3. Prepare a balance sheet at December 31, 2017. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.).) NATIONAL AIRWAYS, INC. Balance Sheet (Amounts in millions) 4. Using the balance sheet, indicate whether the total assets of National Airways at the end of the year were financed primarily by liabilities or stockholders' equity. O Liabilities O Stockholders' Equity