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The Sky Blue Corporation has the following adjusted trial balance at...

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Accounting

The Sky Blue Corporation has the following adjusted trial balance at December 31.

Debit Credit
Cash $ 1,410
Accounts Receivable 3,800
Prepaid Insurance 4,100
Notes Receivable (long-term) 4,800
Equipment 21,000
Accumulated Depreciation $ 6,200
Accounts Payable 7,220
Salaries and Wages Payable 1,900
Income Taxes Payable 4,700
Unearned Revenue 960
Common Stock 4,200
Retained Earnings 1,720
Dividends 480
Sales Revenue 58,230
Rent Revenue 480
Salaries and Wages Expense 25,200
Depreciation Expense 3,100
Utilities Expense 6,020
Insurance Expense 3,200
Rent Expense 7,800
Income Tax Expense 4,700
Total $ 85,610 $ 85,610

Prepare a statement of retained earnings for the year.
SKY BLUE CORPORATION
Statement of Retained Earnings
For the Year Ended December 31
Balance, January 1
Add: Net Income
Less: Dividends
Balance, December 31 $0

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