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. QS 4-16 (Algo) Preparing an income statement \& statement of owner's equity (1) Prepare an income statement for the year ended December 31 . (2) Prepare a statement of owner's equity for the year ended December 31. The L Slerra, Capital acc December 31 of the prior year, and there are no owner investments during the current year. Complete this question by entering your answers in the tabs below. Prepare a statement of owner's equity for the year ended December 31. The L. Sierra, Capital account ba on December 31 of the prior year, and there are no owner investments during the current year. QS 4-16 (Algo) Preparing an income statement \& statement of owner's equity LO C1 (1) Prepare an income statement for the year ended December 31 . (2) Prepare a statement of owner's equity for the year ended December 31. The L. Sierra, Capital account bala December 31 of the prior year, and there are no owner investments during the current year. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year ended December 31