Terrell Company reported the following data at the end of its first year of operations on December 31. (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 so. Complete this question by entering your answers in the tabs below. Prepare its year-end income statement. Terrell Company reported the following data at the end of its first year of operations on December 31. (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 1w \$0. Complete this question by entering your answers in the tabs below. Prepare its year-end statement of retained earnings, using net income calculated in part a. Hint: Retained Earnings on January 1 was $0