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[The following information applies to the questions displayed below.] The following information was reported in the December 31, 2017, financial statements of National Airways, Inc.

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[The following information applies to the questions displayed below.] The following information was reported in the December 31, 2017, financial statements of National Airways, Inc. (listed alphabetically, amounts in millions). Accounts Payable Accounts Receivable Aircraft Fuel Expense Cash Common Stock Dividends Equipment Income Tax Expense Interest Expense Landing Fees Expense Notes Payable Repairs and Maintenance Expense Retained Earnings (as of December 31, 2017) Salaries and Wages Expense Supplies Ticket Revenues $ 4,015 780 10,700 3,170 1,320 55 16,770 390 330 5,100 7,050 3,200 9,115 3,580 780 27,100 1. Prepare an income statement for the year ended December 31, 2017. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.).) NATIONAL AIRWAYS, INC. Income Statement (Amounts in millions) 2. Prepare a statement of retained earnings for the year ended December 31, 2017. TIP: Assume the balance in Retained Earnings was $5,370 (million) at January 1, 2017. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.).) NATIONAL AIRWAYS, INC. Statement of Retained Earnings (Amounts in millions) Retained Earnings, January 1, 2017 5,370 Retained Earnings, December 31, 2017 | $ 5,370 3. Prepare a balance sheet at December 31, 2017. (Enter your answers in millions (.e., 10,000,000 should be entered as 10.).) NATIONAL AIRWAYS, INC. Balance Sheet (Amounts in millions)

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