Required information (The following information applies to the questions displayed below. The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash $ 8,000 Accounts receivable 17,500 Office supplies 3,000 Trucks 172,000 Accumulated depreciation-Trucks $ 36,000 Land 85,000 Accounts payable 12,000 Interest payable 4,000 Long-term notes payable 58,000 Common stock 30,000 Retained earnings 140,000 Dividends 20,000 Trucking revenue 130,000 Depreciation expense-Trucks 23,500 Salaries expense 61,000 Office supplies expense 8,000 Interest expense 12,000 Totals $ 410,000 $ 410,000 The Retained Earnings account balance was $140,000 at December 31 of the prior year. (1) Prepare the income statement for the year ended December 31. (2) Prepare the statement of retained earnings for the year ended December 31. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the income statement for the year ended December 31. WILSON TRUCKING COMPANY Income Statement For Year Ended December 31 Revenues Trucking revenue $ 130,000 Expenses Depreciation expense Trucks $ 23,500 Salaries expense 61,000 Office supplies expense 8,000 Interest expense 12,000 Total expenses Net income 104,500 $ 25,500 Required 1 Required 2 > (1) Prepare the income statement for the year ended December 31. (2) Prepare the statement of retained earnings for the year ended December 31. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the statement of retained earnings for the year ended December 31. WILSON TRUCKING COMPANY Statement of Retained Earnings For Year Ended December 31 Retained earnings, December 31 prior year 0 Retained earnings, December 31 current year S 0