Terrell Company reported the following data at the end of its first year of operations on December 31. Equipment Accounts payable Common stock Dividends Services revenue Rent revenue Salaries expense Advertising expense Utilities expense $ 25,500 14,500 29,500 12,500 70,500 16,500 44,500 10,500 8,500 (a) Prepare its year-end income statement. (b) Prepare its year-end statement of retained earnings, using net income calculated in part a. Hint: Retained Earnings on January 1 was $0. Complete this question by entering your answers in the tabs below. Required A Required B Prepare its year-end income statement. TERRELL COMPANY Income Statement For Year Ended December 31 Revenues Total revenue Expenses