O Required information M4-14 through M4-17 Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries (LO 4-4, LO 4-5) [The following information applies to the questions displayed below.) The Sky Blue Corporation has the following adjusted trial balance at December 31. Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividende Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Tense Rent pense Income Tax Expense Total Debit Credit $ 1,360 3,300 3.600 4,300 18,500 S 5,200 6, 720 1,650 47200 860 3700 1.520 430 53,730 430 24,200 2,600 5,520 2,700 1.300 4,200 $78,010 $78,010 M4-14 Preu Required: 1. Prepare an income statement for the year ended December 31. 2. How much net income did the Sky Blue Corporation generate during the year? Complete this question by entering your answers in the tabs below. Required 1 Required 2 es Prepare an income statement for the year ended December 31. SKY BLUE CORPORATION Income Statement For the Year Ended December 31 Revenues Sales Revenue Rent Revenue 53.730 430 54,160 Total Revenues Expenses Salaries and Wages Expense Depreciation Expense 24.200 2.600