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The following information was reported in the December 31 financial statements of National Airways, Incorporated (listed alphabetically, amounts in millions). Accounts Payable $4,490 Accounts Receivable

The following information was reported in the December 31 financial statements of National Airways, Incorporated (listed alphabetically, amounts in millions).

Accounts Payable $4,490
Accounts Receivable 610
Aircraft Fuel Expense 9,000
Cash 3,000
Common Stock 1,235
Dividends 35
Equipment 14,730
Income Tax Expense 220
Interest Expense 160
Landing Fees Expense 3,400
Notes Payable 6,965
Repairs and Maintenance Expense 1,500
Retained Earnings (as of December 31) 6,345
Salaries and Wages Expense 3,325
Supplies 695
Ticket Revenues 18,600

Prepare a statement of retained earnings for the year ending December 31. TIP: Assume the balance in Retained Earnings was $5,385 (million) on January 1.

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