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 $ 1,390 3,600 3,900 4,600 20,000 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 $ 5,800 7,020 1,800 4,500 920 4,000 1,640 460 56,430 460 24,800 2,900 5,820 3,000 7,600 4,500 $82,570 $82,570 SKY BLUE CORPORATION Balance Sheet At December 31 Assets Current Assets Cash $ Accounts Receivable 1,390 3,600 3,900 Prepaid Insurance Total Current Assets OOO 8,890 4,600 Notes Receivable (long-term) Equipment Accumulated Depreciation Total Assets $ 20,000 5,800 X 25,800 $ 39,290 Liabilities Current Liabilities $ Accounts Payable Salaries and Wages Payable Income Taxes Payable 7,020 1,800 4,500 Total Current Liabilities 13,320 Stockholders' Equity Common Stock Retained Earnings 4,000 9,450 13,450 Total Stockholders' Equity Total Liabilities and Stockholders' Equity OO $ 26,770