The following is the adjusted trial balance of Wilson Trucking Company.

Exercise 3-7 Preparing financial statements LO P3

The following is the adjusted trial balance of Wilson Trucking Company.

Account Title	Debit			Credit
Cash	$	6,600
Accounts receivable		16,500
Office supplies		2,000
Trucks		199,000
Accumulated depreciation—Trucks				$	40,994
Land		75,000
Accounts payable					10,600
Interest payable					3,000
Long-term notes payable					52,000
Common stock					16,000
Retained earnings					176,935
Dividends		19,000
Trucking fees earned					122,500
Depreciation expense—Trucks		26,441
Salaries expense		57,453
Office supplies expense		9,500
Repairs expense—Trucks		10,535
Totals	$	422,029		$	422,029

The Retained Earnings account balance is $176,935 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.