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. The Retained Eamings account balance was $5,500 on December 31 of the prior year Account Title Debit Credit Cash $ 5,000 Prepaid insurance 50 Notes receivable (due in 5 years 4.600 Buildings 20. Accumulated depreciation-Buslings $12,000 Accounts payable 2.500 Notes payable due in 3 years) 3.00 Connon stock 5.000 Retained earnings 5.50 Dividends 1,020 Consulting revenue 9,58 Wages expense 3.50 Depreciation expense-Buildings 2. Insurance expense 1.500 Totals 537,500 $37.52 OS 3-22 Preparing financial statements LO P6 Required Prepare an income statement for the year ended December 31 (2) Prepare a statement of retained earnings for the year ended December 31 Complete this question by entering your answers in the tabs below. Required! Required 2 Prepare an income statement for the year ended December 31 SIERRA COMPANY Income Statement Total revenue Total expense a> 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. The Retained Earnings account balance was $5.500 on December 31 of the prior year. Account Title Debit Credit Cash $5,000 Prepaid insurance 5ea Notes receivable (due in 5 years) 4,600 Buildings 20,000 Accunulated depreciation-Buildings $12.00 Accounts payable 2,500 Notes payable (due in 3 years) 3,00 Connon stock 5,000 Retained earnings 5,500 Dividends 1,900 Consulting revenue 9,500 Wages expense 3.5e Depreciation expense-Buildings 2.ee Insurance expense 1.500 Totals 337,500 $37,500 OS 3-23 Preparing a classified balance sheet LO C3 Use the information adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31 SIERRA COMPANY Balance sheet December 31 Total current assets Total assets To alla