Skysong Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial balance as of December 31, 2020. SKYSONG DESIGN ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Credit Cash $11,375 Accounts Receivable 21,875 Supplies 5,375 Prepaid Insurance 2,875 Equipment 60,375 Accumulated Depreciation-Equipment $35,375 Accounts Payable 5,375 Notes Payable 6,200 Unearned Service Revenue 5,975 Salaries and Wages Payable 1,440 Common Stock 10,375 Retained Earnings 3.875 Service Revenue 61,875 Salaries and Wages Expense 11,675 Insurance Expense 990 Interest Expense 536 Depreciation Expense 8,200 Supplies Expenses 3,400 Rent Expense 4,000 $130,676 $130,676 Prepare an income statement for the year ending December 31, 2020. (Enter loss using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) SKYSONG DESIGN Income Statement December 31, 2020 $ $ A Part 2 Prepare a statement of retained earnings for the year ending December 31, 2020. SKYSONG DESIGN Statement of Retained Earnings $