The Sky Blue Corporation has the following adjusted trial balance at December 31.

Prepare an income statement for the year ended December 31. How much net income did the Sky Blue Corporation generate during the year?

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Debit Credit Cash Accounts Receivable Prepaid insurance Notes Receivable 1.230 2,000 2-300 long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Unearned Revenue 3.000 12,000 2,800 5,420 1.000 2,900 2400 1,000 Retained Earnings Dividends Sales Revenue Rent Revenue 42,030 300 Salaries and Wages Expense Depreciation Expense 21.600 Utilities Expense4.220 Insurance Expense Rent Expense Income Tax Expense 1.400 6.000 Total $59,250 $58,250