Required information Use the following information for Quick Studies below. (Algo) The following information applies to the questions displayed below.] The following is the adjusted trial balance of Sierra Company. The Retained Earnings account balance was $13,500 on December 31 of the prior year. 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 $ 21,000 1,300 5,600 60,000 $ 20,000 6,500 7,000 9,000 13,500 5,000 49,500 4,300 6,000 2,300 $105,500 $105,500 QS 3-22 (Algo) Preparing financial statements LO P5 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