Reference no: EM132420370
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company.
Account Title Debit Credit
Cash $6,800
Accounts receivable 16,500
Office supplies 2,000
Trucks 184,000
Accumulated depreciation-Trucks $37,904
Land 75,000
Accounts payable 10,800
Interest payable 3,000
Long-term notes payable 52,000
Common stock 47,142
Retained earnings 135,000
Dividends 19,000
Trucking fees earned 124,500
Depreciation expense-Trucks 24,448
Salaries expense 58,391
Office supplies expense 13,500
Repairs expense-Trucks 10,707
Totals $410,346 $410,346
The Retained Earnings account balance was $135,000 at December 31 of the prior year.
(1) Prepare the income statement for the year ended December 31.
(2) Prepare the statement of retained earnings for the year ended December 31.
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