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