The following is the adjusted trial balance of Wilson Trucking Company. Account Title Debit Credit
ash $9,700
Accounts receivable 16,500
Office supplies 2,000
Trucks 191,000
Accumulated depreciation—Trucks $39,346
Land 75,000
Accounts payable 13,700
Interest payable 3,000
Long-term notes payable 52,000
Common stock 19,000
Retained earnings 168,127
Dividends 19,000
Trucking fees earned 129,000
Depreciation expense—Trucks 25,378
Salaries expense 60,501
Office supplies expense 14,000
Repairs expense—Trucks 11,094
Totals $424,173 $424,173
The Retained Earnings account balance is $160,583 at December 31, 2016.
1) Prepare the income statement for the year ended December 31, 2017.
2) Prepare the statement of retained earnings for the year ended December 31, 2017.