Use the following information for Quick Studies below. (The following information applies to the questions displayed below.] The following is the adjusted trial balance of Sierra Company. Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $13,000 900 4,800 40,000 $16,000 4,500 5,000 7,000 9,500 3,000 29,500 3,900 4,000 1,900 $71,500 $71,500 QS 3-22 Preparing financial statements LO P6 Required (1) Prepare an income statement for the year ended December 31. (2) Prepare a statement of retained earnings for the year ended December 31. (2) Prepare a statement of retained earnings for the year ended December 31. of 2 Complete this question by entering your answers in the tabs below. Required 1 Required 2 bok Prepare an income statement for the year ended December 31. ent int SIERRA COMPANY Income Statement For Year Ended December 31 ences Revenues: Consulting revenue $ 29,500 0 Total revenue $ 29,500 $ Expenses: Wages expense Depreciation expense-Buildings Insurance expense 3,900 4,000 1,900 Total expense 9,800 19,700 $ Required Required 2 > 0 Required information Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a statement of retained earnings for the year ended December 31. Owner made na period. SIERRA COMPANY Statement of Retained Earnings For Year Ended December 31 Retained earnings, December 31 prior year end Add: Net income $ 9,500 19,700 29,200 Less: Dividends Retained earnings, December 31 current year end (3,000) 26,200 $