[The following information applies to the questions displayed below) The Sky Blue Corporation has the following adjusted trial balance at December 31 Credit Debit $1.289 2.500 2,809 3,500 14,509 Cash Accounts Receivable Prepaid Insurance Notes Receivable long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total $ 3,600 5,929 1.250 3,400 789 2,900 1.200 350 T 46,530 35e 22,669 1.809 4,720 1.969 6,500 3.489 565,850 $65,850 Prepare a statement of retained earnings for the year. SKY BLUE CORPORATION Statement of Retained Earnings Balance, January 1 Balance, December 31 5 0