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 $ 33,000 1,900 6,800 90,000 $ 26,000 9,500 10,000 12,000 19,500 8,000 79,500 4,900 9,000 2,900 $156,500 $156,500 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year ended December 31 SIERRA COMPANY (4) Prepare a statement or retained earnings for the year endea vecember 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year ended December 31. SIERRA COMPANY Income Statement Total revenue Total expense Roured Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a statement of retained earnings for the year ended December 31. Owner made no investments during the current period. SIERRA COMPANY Statement of Retained Earnings Retained earnings, December 31 prior year end Retained earnings, December 31 current year end