Use the following year-end adjusted trial balance to prepare the (1) statement of retained earnings, and (2) classified balance sheet, for the year ended December 31. The Retained Earnings account balance was $13,220 at December 31 of the prior year. Adjusted Trial Balance December 31 Cash $ 3,230 Accounts receivable 580 Prepaid insurance 1,010 Supplies 260 Equipment 6,000 Accumulated depreciationEquipment $ 1,280 Buildings 101,600 Accumulated depreciationBuildings 29,800 Land 116,800 Salaries payable 1,060 Property taxes payable 1,580 Interest payable 2,380 Unearned revenue 640 Long-term notes payable 151,800 Common stock 31,800 Retained earnings 13,220 Dividends 22,800 Rent revenue 71,100 Salaries expense 30,800 Utilities expense 3,080 Property taxes expense 2,580 Insurance expense 5,980 Supplies expense 430 Depreciation expenseEquipment 580 Depreciation expenseBuildings 5,750 Interest expense 3,180 Totals $ 304,660 $ 304,660

step 1: Prepare the statement of retained earnings for the year ended December 31. The Retained Earnings account balance was $13,220 at December 31 of the prior year.

step 2: Prepare the classified balance sheet for the year ended December 31.