Required information Use the following information for Quick Studies below. [The following information applies to the questions displayed below.] The following is the adjusted trial balance of Sierra Company, Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $ 37,000 2,100 7,200 100,000 $ 28,000 18,580 11,000 13,000 21,500 9,000 89,500 5,100 10,000 3,100 $173,500 $173,500 Use the information adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31 SIERRA COMPANY Balance Sheet December 31 Total current assets 0 Total assets $ 0 Total liabilities 0 Total equity Total liabilities and equity Use the following information for Quick Studies below. [The following information applies to the questions displayed below.) The following is the adjusted trial balance of Sierra Company Account Title Cash Prepaid insurance Notes receivable (due in years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals Debit Credit $ 37,000 2,100 7,200 100,000 $ 28,000 10,500 11,000 13,000 21,500 9,000 89,500 5,100 10,000 3,100 $173,500 $173,500 Required (1) Prepare an income statement for the year ended December 31. (2) Prepare a statement of retained earnings for the year ended December 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year ended December 31. SIERRA COMPANY Income Statement Total revenue Total expense 0 $ 0 QS 3-22 Preparing financial statements LO P6 Required (1) Prepare an income statement for the year ended December 31 (2) Prepare a statement of retained earnings for the year ended December 31 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a statement of retained earnings for the year ended December 31. Owner made no Investments during the current period, SIERRA COMPANY Statement of Retained Earnings Retained earnings, December 31 prior year end 0 Retained earnings, December 31 current year end $ 0