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? Required: Prepare a statement of retained earnings for the year. Required: 1. Prepare a classified balance sheet at December 31. 2. Are the Sky Blue Corporation's assets financed primarily by debt or equity? Required: Prepare closing journal entries on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required