Requirement Prepare Honeybee Hams, Inc.'s single-step income statement and statement of retained ear Data Table 1. Let's start by completing the single step income statement. (If a box is not used in the income stater Honeybee Hams, Inc. Honeybee Hams, Inc. Income Statement Adjusted Trial Balance December 31, 2018 Year Ended December 31, 2018 Thousands (Amounts in thousands) Revenues: Account Debit Credit Sales revenue 4,600 Cash Accounts receivable Expenses: 1,800 Cost of goods sold Inventories 2,500 Prepaid expenses 1,500 Selling, administrative, and general expense Property, plant, and equipment 16.800 Total expenses 2,700 Accumulated depreciation-property, plant, and equipment Income before tax 9,800 Other assets Income tax expense Accounts payable 7,700 Net income Income tax payable 700 Prepare the Honey bee Hams, Inc. statement of retained earnings for the year ended December 31 Other liabilities 2,600 Common stock 14,600 Honeybee Hams, Inc. Retained earnings (beginning, December 31, 2017) 5,200 Statement of Retained Earnings 1,300 Year Ended December 31, 2018 Dividends Sales revenue 42,700 Thousands Retained earnings, December 31, 2017 Cost of goods sold 25,500 Selling, administrative, and general expenses 10,100 Net income Add: 2,300 Income tax expense Subtotal 76,200 76,200 Dividends Less: Total Retained earnings, December 31, 2018 Prepare the Honeybee Hams, Inc. balance sheet at December 31, 2018. First, complete the assets section of the statement. Then complete the liabilities and stockholders' equity section of the statement. (Do not classify the balance sheet into current and long-term sections. If a box not used in the balance sheet leave the box empty, do not select a label or enter a zero.) Honeybee Hams, Inc. Balance Sheet December 31, 2018 Thousands Assets Cash Accounts receivable Inventories Property, plant and equipment Less: Accumulated depreciation-property, plant, and equipment Prepaid expenses Other assets Total assets Liabilities Thousands Accounts payable Income tax payable Other liabilities Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity