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[The following information applies to the questions displayed below.] The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account TitleDebitCreditCash$ 8,200
[The following information applies to the questions displayed below.]
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company.
Account TitleDebitCreditCash$ 8,200 Accounts receivable16,500 Office supplies2,000 Trucks194,000 Accumulated depreciationTrucks $ 39,964Land75,000 Accounts payable 12,200Interest payable 3,000Long-term notes payable 52,000Common stock 46,905Retained earnings 138,500Dividends19,000 Trucking revenue 133,500Depreciation expenseTrucks25,777 Salaries expense62,611 Office supplies expense11,500 Repairs expenseTrucks11,481 Totals$ 426,069$ 426,069
The Retained Earnings account balance was $138,500 at December 31 of the prior year.
(1) Prepare the income statement for the year ended December 31.
(2) Prepare the statement of retained earnings for the year ended December 31.
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