Required information [The following information applies to the questions displayed below.] The following selected accounts and account balances were taken from the records of Nowell Company. Except as otherwise indicated, all balances are as of December 31 , Year 2, before the closing entries were recorded. Required a. Prepare the income statement Nowell would include in its Year 2 annual report. b. Identify the accounts that should be closed to the Retained Earnings account. (Check all that apply.) Check All That Apply Consulting revenue Land Travel expense Notes payable Dividends Cash Rent expense Salaries expense Other operating expenses c-1. Determine the Retained Earnings account balance at December 31 , Year 2. c-2. Which of the following statement(s) is true? Complete this question by entering your answers in the tabs below. Determine the Retained Earnings account balance at December 31 , Year 2. Complete this question by entering your answers in the tabs below. Which of the following statement(s) is true? (Check all that apply.) Net income does not include revenue of the current year. Retained earnings does not includergurrent year net income, but only the balance from previous years. Retained earnings not only includes current year net income, but also the balance from previous years and reductions for dividends. Retained earnings does not include the balance from previous years, but only the reductions for dividends. Net income only includes revenues and expenses for the current year