The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit $ 1,290 2,600 2,900 3,600 15,000 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue $ 3,800 6,020 1,300 3,500 720 Common Stock 3,000 1,240 Retained Earnings Dividends 360 Sales Revenue 47,430 360 Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense 22,800 1,900 4,820 2,000 6,600 3,500 $67,370 $67,370 Total M4-14 Required: 1. Prepare an income statement for the year ended December 31. 2. How much net income did the Sky Blue Corporation generate during the year? Complete this question by entering your answers in the tabs below. %24 Prepare a statement of retained earnings for the year. SKY BLUE CORPORATION Statement of Retained Earnings Balance, January 1 Balance, December 31 Balance Sheet At December 31 %24