Required information M1-16 Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet [LO 1-2, LO 1- 3] [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). Accounts Payable Accounts Receivable Aircraft Fuel Expense Cash Common Stock Dividends Equipment $ 4,255 680 9,700 3,070 1,270 45 15,570 Income Tax Expense 290 Interest Expense 230 Landing Fees Expense 4,100 Notes Payable 7,000 Repairs and Maintenance Expense 2,200 Retained Earnings (as of December 31, 2017) 7,525 Salaries and Wages Expense 3,430 Supplies 730 Ticket Revenues 22,100 M1-16 Part 2 2. Prepare a statement of retained earnings for the year ended December 31, 2017. TIP: Assume the balance in Retained Earnings was $5,420 (million) at January 1, 2017. (Enter your answers in millions (ie., 10,000,000 should be entered as 10.).) NATIONAL AIRWAYS, INC. Statement of Retained Earnings (Amounts in millions) Retained Earnings, January 1, 2017 Retained Eamings, December 31, 2017 $ 5,420