The financial balances for Xi Robotics Inc. as of December 31, 2035, are listed below:

• Service Revenue: $210,000
• Wages Expense: $60,000
• Rent Expense: $18,000
• Utilities Expense: $7,000
• Insurance Expense: $4,000
• Equipment: $60,000
• Accounts Payable: $8,000
• Accounts Receivable: $18,000
• Cash: $40,000
• Notes Payable: $20,000
• Common Stock: $50,000

Required:

1. Create a Trial Balance as of December 31, 2035.
2. Draft an Income Statement for the year ended December 31, 2035.
3. Prepare a Statement of Retained Earnings for the year ended December 31, 2035.
4. Draft a Balance Sheet as of December 31, 2035.