! Required information [The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. 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 Debit $ 1,420 Credit 3,900 4,200 4,900 21,500 $ 6,400 7,320 1,950 4,800 980 4,300 1,760 490 59,130 490 Salaries and Wages Expense 25,400 Depreciation Expense 3,200 Utilities Expense 6,120 Insurance Expense 3,300 Rent Expense Income Tax Expense Total 7,900 4,800 $ 87,130 $ 87,130 3 Required: Prepare an income statement for the year ended December 31. Complete this question by entering your answers in the tabs below. nces Required Prepare an income statement for the year ended December 31. SKY BLUE CORPORATION Income Statement Prepare a statement of retained earnings for the year. SKY BLUE CORPORATION Statement of Retained Earnings Balance, January 1 Balance, December 31 es Required information View transaction list Journal entry worksheet < 2 Record the closing entry for revenues and expenses. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 Record the closing entry for dividends. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal