Required information Use the following information for Quick Studies below. (Algo) [The following information applies to the questions displayed below.] The following is the adjusted trial balance of Sierra Company. (1) Prepare an income statement for the year ended December 31. (2) Prepare a statement of retained earnings for the year ended December 31. The Retained earnings account balance was $14,500 or December 31 of the prior year. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year ended December 31. Prepare a statement of retained earnings for the year ended December 31 . The Retained earnings account balance was $14,500 on December 31 of the prior year