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 Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $ 9,000 700 4,400 30,000 $14,000 3,500 4,000 6,000 7,500 2,000 19,500 3,700 3,000 1,700 $54,500 $54,500 QS 3-22 Preparing financial statements LO P6 Required 1) 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 1 Required 2 Prepare an income statement for the year ended December 31. SIERRA COMPANY Income Statement Total revenue Total expense Required 1 Required 2 > Required 1 Required 2 Prepare a statement of retained earnings for the year ended December period. SIERRA COMPANY Statement of Retained Earnings Retained earnings, December 31 prior year end Retained earnings, December 31 current year end