Use the following information for Quick Studies below. (Algo) Skip to question [The following information applies to the questions displayed below.] The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance December 31 Account Title Debit Credit Cash $ 19,000 Prepaid insurance 1,200 Notes receivable (due in 5 years) 5,400 Buildings 55,000 Accumulated depreciationBuildings $ 19,000 Accounts payable 6,000 Notes payable (due in 3 years) 6,500 Common stock 13,000 Retained earnings 8,000 Dividends 4,500 Consulting revenue 44,500 Wages expense 4,200 Depreciation expenseBuildings 5,500 Insurance expense 2,200 Totals $ 97,000 $ 97,000

Required information Use the following information for Quick Studies below. (Algo) [The following information applies to the questions displayed below.] The following is the adjusted trial balance of Sierra Company. QS 3-30 (Algo) Preparing an income statement \& statement of retained earnings LO C2 (1) Prepare an income statement for the year ended December 31. (2) Prepare a statement of retained earnings for the year ended December 31. The Retained earnings account balance was $8,000 o December 31 of the prior year. Complete this question by entering your answers in the tabs below. Prepare a statement of retained earnings for the year ended December 31. The Retained earnings account balance was $8,000 on December 31 of the prior year. QS 3-30 (Algo) Preparing an income statement \& statement of retained earnings LO C2 1) Prepare an income statement for the year ended December 31. (2) Prepare a statement of retained earnings for the year ended December 31. The Retained earnings account balance was $8,000 December 31 of the prior year. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year ended December 31