Required Information Use the following information for Quick Studies below. [The following information applies to the questions displayed below.] The following is the adjusted trial balance of Sierra Company. Account Title Debit Credit Cash $13, 090 Prepaid insurance 989 Notes receivable (due in 5 years) 4, 809 Buildings 40, 989 Accumulated depreciation-Buildings $16, 989 Accounts payable 4, 580 Notes payable (due in 3 years) 5,989 H. Sierra, Capital 16,589 H. Sierra, Withdrawals 3,909 Consulting revenue 29,590 Wages expense 3,980 Depreciation expense-Buildings 4,980 Insurance expense 1,989 Totals $71, 580 $71, 500 QS 4-10 Preparing financial statements LO C2 Required (1) Prepare an income statement for the year ended December 31. (2) Prepare a statement of owner's equity for the year ended December 31. 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. SIERRA COMPANY Income Statement Total revenue Total expenseRequired Information Use the following information for Quick Studies below. [The following information applies to the questions displayed below.] The following is the adjusted trial balance of Sierra Company. Account Title Debit Credit Cash $13, 090 Prepaid insurance 989 Notes receivable (due in 5 years) 4, 809 Buildings 40,989 Accumulated depreciation-Buildings $16,098 Accounts payable 4,580 Notes payable (due in 3 years) 5,989 H. Sierra, Capital 16,589 H. Sierra, Withdrawals 3,089 Consulting revenue 29,589 Wages expense 3,989 Depreciation expense-Buildings 4,980 Insurance expense 1,989 Totals $71, 580 $71,589 QS 4-10 Preparing financial statements LO C2 Required (1) Prepare an income statement for the year ended December 31. (2) Prepare a statement of owner's equity for the year ended December 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a statement of owner's equity for the year ended December 31. Owner made no investments during the current period. SIERRA COMPANY Statement of Owner's Equity H. Sierra, Capital, December 31 prior year end H. Sierra, Capital, December 31 current year end S Required 1 Required 2