Seved Help Homework Save & Exit Check Required information M1-16 Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet (LO 1-2, LO 1- 3) [The following information applies to the questions displayed below) The following information was reported in the December 31, 2017, financial statements of National Airways, Inc. (listed alphabetically, amounts in millions), $ 4,345 650 9.400 3,040 1.255 Accounts Payable Accounts Receivable Aircraft Fuel Expense Cash Common Stock Dividendo Equipment Income Tax Expense Interest Expense Landing Teen Expense Notes Payable Repairs and Maintenance Expense Retained Earnings (as of December 31, 2017) Salaries and Wages Expense Supplies Ticket Revenues 15,210 260 200 3,800 6,985 1.900 7.030 3,385 715 20,600 Check M1-16 Part 2 2. Prepare a statement of retained earnings for the year ended December 31, 2017. TIP: Assume the balance in Retained Earnings was $5,405 million) at January 1, 2017 (Enter your answers in millions (ie., 10,000,000 should be entered as 10.).) NATIONAL AIRWAYS, INC. Statement of Retained Earnings (Amounts in millions) Retained Earnings, January 1, 2017 $ 5,405 Retained Earnings, December 31, 2017 $ 5,405