Required information [The following information applies to the questions displayed below.) The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Debit Cash $ 1,270 Accounts Receivable 2,400 Prepaid Insurance 2,700 Notes Receivable 3,400 (long-term) Equipment 14,000 Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividends 340 Sales Revenue Rent Revenue Salaries and Wages 22,400 Expense Depreciation Expense 1,700 Utilities Expense 4,620 Insurance Expense 1,800 Rent Expense 6,400 Income Tax Expense 3,300 Total $64,330 $ 3,400 5,820 1,200 3,300 680 2,800 1,160 45,630 340 $ 64,330 Required: 1. Prepare an income statement for the year ended December 31. 2. How much net income the Sky Blue Corporation generate during the year? Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare an income statement for the year ended December 31. SKY BLUE CORPORATION Income Statement At December 31 Expenses 0 Required information [The following information applies to the questions displayed below. The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Debit Cash $ 1,270 Accounts Receivable 2,400 Prepaid Insurance 2,700 Notes Receivable 3,400 (long-term) Equipment 14,000 Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue --- Common Stock Retained Earnings Dividends 340 Sales Revenue Rent Revenue Salaries and Wages 22,400 Expense Depreciation Expense 1,700 Utilities Expense 4,620 Insurance Expense Rent Expense 6,400 Income Tax Expense 3,300 Total $64,330 $ 3,400 5,820 1,200 3,300 680 2,800 1,160 45,630 340 1,800 $64,330 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? Complete this question by entering your answers in the tabs below. Required Required 1 2 How much net income did the Sky Blue Corporation generate during the year? Net Income