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 $8,500 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 $11,000 800 4,600 35,000 $15,000 4,000 4,500 6,500 8,500 2,500 24,500 3,800 3,500 1,800 $63,000 $63,000 Balance Sheet December 31 Assets > s Cash Prepaid insurance 11,000 800 S 11,800 Total current assets Long-term investments Notes receivable Buildings Plant assets Accumulated depreciationBuildings 4,600 35,000 X XS 15,000 X 15,000 66,400 Total assets S Liabilities Current liabilities Accounts payable S 4,000 Long-term liabilities Notes payable 4,500 Total liabilities 8,500 Equity Common stock Retained earnings 6,500 8,500 X Total equity Total liabilities and equity 15,000 23,500 S