The adjusted trial balance for Fun'S Crafts Company as of December 31, 2023 is presented below REQUIRED: Prepare an income statement and statement retained earnings for the year-ended December 31. Prepare a classified balance sheet as of December 31. This is the company's first year of operations A

Trial Balance Account Title

Cash 20500

Short-term investments 15500

Accounts receivable, net 28700

Supplies 7200

Prepaid expenses 5700

Long term notes receivable 33000

Investments in stocks and bonds 26000

Equipment 46800

Accumulated depreciation 9400

Land 37000

Copyrights 8000

Accounts payable 11300

Uneamed fees 2300

Long-term notes payable 28000

Common stock 161590

Dividends 10500

Services revenue 68900

Interest revenue 3500

Rent expense 8300

Salaries expense 27600

Miscellaneous expenses 5510

Depreciation expense 4680

\begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ Trial Balance } \\ \hline Account Title & Debit & Credit \\ \hline Cash & $20,500 & \\ \hline Short-term investments & 15,500 & \\ \hline Accounts receivable, net & 28,700 & \\ \hline Supplies & 7,200 & \\ \hline Prepaid expenses & 5,700 & \\ \hline Long-term notes receivable & 33,000 & \\ \hline Investments in stocks and bonds & 26,000 & \\ \hline Equipment & 46,800 & \\ \hline Accumulated depreciation & & $9,400 \\ \hline Land & 37,000 & \\ \hline Copyrights & 8,000 & \\ \hline Accounts payable & & 11,300 \\ \hline Uneamed fees & & 2,300 \\ \hline Long-term notes payable & & 28,000 \\ \hline Common stock & & 161,590 \\ \hline Dividends & 10,500 & \\ \hline Services revenue & & 68,900 \\ \hline Interest revenue & & 3,500 \\ \hline Rent expense & 8300 & \\ \hline Salaries expense & 27,600 & \\ \hline Miscellaneous expenses & 5,510 & \\ \hline Depreciation expense & 4,680 & \\ \hline Totals & $284,990 & $284,990 \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline FunSCraftsCompanyIncomeStatement \\ \hline For the Year Ended December 31, 2023 \\ \hline Revenues: & \\ \hline Total revenues & \\ \hline Expenses: & \\ \hline Total expenses & \\ \hline Net income & \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline Fun's Crafts Company \\ \hline Statement of Retained Earnings \\ \hline For the Year Ended December 31, 2023 \\ \hline Retained earnings, January 1,2023 \\ \hline Net income \end{tabular}