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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 Debit Credit Cash $ 43,000 Prepaid insurance 2,400 Notes receivable (due in 5 years) 7,800 Buildings 115,000 Accumulated depreciation-Buildings $ 31,000 Accounts payable 12,000 Notes payable (due in 3 years) 12,500 Common stock 14,500 Retained earnings 24,500 Dividends 10,500 Consulting revenue 104,500 Wages expense 5,400 Depreciation expense-Buildings 11,500 Insurance expense 3, 400 Totals $199,000 $199,000 (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 (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 Retained earnings, December 31 current year end (Required 1 Required 2

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