! Required information (The following information applies to the questions displayed below.] The following is the adjusted trial balance of Sierra Company. Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $ 45,000 2,500 8,000 120,000 $ 32,000 12,500 13,000 15,000 25,500 11,000 109,500 5,500 12,000 3,500 $207,500 $207,500 Required (1) Prepare an income statement for the year ended December 31. (2) Prepare a statement of retained earnings for the year ended December 31