Use the following adjusted trial balance of Sierra Company to prepare its (1) income statement and (2)

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Use the following adjusted trial balance of Sierra Company to prepare its (1) income statement and (2) statement of retained earnings for the year ended December 31. The Retained Earnings account balance was $4,500 on December 31 of the prior year.

Adjusted Trial Balance Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated

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