The Sky Blue Corporation has the following adjusted trial balance at December 31 Debit Credit Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Unearned Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Inc $ 1,270 2,400 2,700 3,400 14,000 $ 3,400 5,820 1,200 3,300 680 2,800 1,160 340 45,630 340 22,400 1,700 4,620 1,800 6,400 3,300 7 ome Tax Expense Total $64,330 $64,330 Prepare a statement of retained earnings for the year SKY BLUE CORPORATION Statement of Retained Earnings Balance, January 1 Balance, December 31