The following Is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance Account Title Cash December 31 Accounts payable Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $ 21,000 1,300 5,600 60,000 $ 20,000 6,500 7,000 14,000 8,500 5,000 49,500 4,300 6,000 2,300 $ 105,500 $ 105,500 Saved QS 3-30 (Algo) 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 $8 December 31 of the prior year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year ended December 31. SIERRA COMPANY Income Statement