The adjusted trial balance of Holiday Hams, Inc., follows.

Requirement
1. Prepare Holiday Hams, Inc.€™s income statement and statement of retained earnings for the year ended December 31, 2010, and its balance sheet on that date. Draw the arrows linking the threestatements.

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Holiday Hams, Inc. Adjusted Trial Balance December 31, 2010 (Amounts in thousands) Adjusted Trial Balance Account Debit Credit S 3,500 1,700 1,200 1,600 6,700 Accounts receivable Inventories Prepaid expenses Property, plant and equipment Accumulated depreciation Other assets. Accounts payable Income tax payable Other liabilities Common s Retained earnings (beginning, December 31, 2009) Dividends Sales revenue Cost of goods Selling, administrative, and general expe Income tax expense 2,700 9,500 7,900 2,700 4,800 4,700 1,200 39,900 25,400 10,400 2,400 Total $63,600 $63,600