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 $ 1,340 3,100 3,400 4,100 17,500 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 Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total $ 4,800 6,520 1,550 4,000 820 3,500 1,440 410 51,930 410 23,800 2,400 5,320 2,500 7,100 4,000 $ 74,970 $74,970 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 1 Required 2 Prepare an income statement for the year ended December 31. SKY BLUE CORPORATION Income Statement For the Year Ended December 31 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 1 Required 2 How much net income did the Sky Blue Corporation generate during the year? Net Income Prepare a statement of retained earnings for the year. SKY BLUE CORPORATION Statement of Retained Earnings Balance, January 1 Balance, December 31 1. Prepare a classified balance sheet at December 31. (Amounts to be deducted should be indicated E SKY BLUE CORPORATION Balance Sheet