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Use the following information for the Exercises below. (Algo)

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[The following information applies to the questions displayed below.] The following adjusted trial balance at December 31 of Wilson Trucking Company.

Account Title	Debit	Credit
Cash	$ 9,300
Accounts receivable	18,800
Office supplies	4,300
Trucks	185,000
Accumulated depreciationTrucks		$ 37,300
Land	98,000
Accounts payable		15,900
Interest payable		5,300
Long-term notes payable		64,500
Common stock		36,500
Retained earnings		146,500
Dividends	21,300
Trucking revenue		143,000
Depreciation expenseTrucks	24,800
Salaries expense	64,900
Office supplies expense	9,300
Interest expense	13,300
Totals	$ 449,000	$ 449,000

Exercise 3-21 (Algo) Preparing an income statement & statement of retained earnings LO C2

The Retained Earnings account balance was $146,500 at December 31 of the prior year. (1) Prepare the income statement for the year ended December 31. (2) Prepare the statement of retained earnings for the year ended December 31.

1.Prepare the income statement for the year ended December 31.

WILSON TRUCKING COMPANY
Income Statement
For Year Ended December 31
Revenues
Expenses
Total expenses		0
		$0

2.Prepare the statement of retained earnings for the year ended December 31.

WILSON TRUCKING COMPANY
Statement of Retained Earnings
For Year Ended December 31
Retained earnings, December 31 prior year
	0
Retained earnings, December 31 current year	$0