The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December 31 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years). Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $ 5,000 500 4,000 20,000 $ 12,000 2,500 3,000 6,000 4,500 1,000. 9,500 3,500 2,000 1,500 $37,500 $ 37,500 QS 3-30 (Static) Preparing an income statement & statement of retained earnings LO C2 (1) Prepare an income statement for the year ended December 31. (2) Prepare a statement of retained earnings for the year ended December 31. The Retained Earnings account balance was $4,500 on December 31 of the prior year.