The Sky Blue Corporation has the following adjusted trial balance at December 31.

Debit Credit

Cash $ 1,300

Accounts Receivable 2,700

Prepaid Insurance 3,000

Notes Receivable (long-term) 3,700

Equipment 15,500

Accumulated Depreciation $ 4,000

Accounts Payable 6,120

Salaries and Wages Payable 1,350

Income Taxes Payable 3,600

Deferred Revenue 740

Common Stock 3,100

Retained Earnings 1,280

Dividends 370

Sales Revenue 48,330

Rent Revenue 370

Salaries and Wages Expense 23,000

Depreciation Expense 2,000

Utilities Expense 4,920

Insurance Expense 2,100

Rent Expense 6,700

Income Tax Expense 3,600

Total $ 68,890 $ 68,890

Required:

Prepare a statement of retained earnings for the year.

The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Debit $ 1,300 2,700 3,000 3,700 15,500 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total $ 4,000 6,120 1,350 3,600 740 3,100 1,280 370 48,330 370 23,000 2,000 4,920 2,100 6,700 3,600 $ 68, 890 $ 68,890 Required: Prepare a statement of retained earnings for the year. SKY BLUE CORPORATION Statement of Retained Earnings Balance, January 1 Balance, December 31 $ 0