The Sky Blue Corporation has the following adjusted trial balance at December 31. Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Debit $ 1,230 Credit 2,000 2,300 3,000 12,000 $ 2,600 5,420 1,000 2,900 Deferred Revenue 600 Common Stock 2,400 Retained Earnings 1,000 Dividends 300 Sales Revenue Rent Revenue 42,030 300 Salaries and Wages Expense 21,600 Depreciation Expense 1,300 Utilities Expense 4,220 Insurance Expense 1,400 Rent Expense Income Tax Expense Total 6,000 2,900 $ 58,250 $ 58,250 Required: Prepare a statement of retained earnings for the year. SKY BLUE CORPORATION Statement of Retained Earnings At December 31 Balance, January 1 Balance, December 31 $ 0