019 Redlands had the following the Part 1. Redlands in ben siness on January 1, 201 during 2019 old stock for $25 and purchased equipment costs 2. Earned 30 of service rever 3. Incurred 520 of opera Recorded $5 of depreciation on the equipment O of service revenue and collected one-third of the revenue in cash 520 of operating expenses and paid one-fourth of the operating expenses in cash yired Trans. : Complete the following journal by recording transaction actions 2-4 above. Debit Credit Accounts 25 Common stock 25 25 Cash Equipment Cash 2. Required (2): Complete the 2019 financial statements. 2019 Income Statement Service revenue Operating expenses Depreciation expense Net income Cash Accounts receivable Equipment, net of depreciation Total assets December 31, 2019 Balance Sheet SS Accounts payable Common stock Retained earnings Total liabilities and s/equity