1-3B (Algo) Prepare financial statements (LO1-3) Stone Investments provides financial services related to Investment selections, retirement planning, and general Insurance needs. At the end of the year on December 31, 2024, the company reports the following amounts: Advertising expense Buildings Salaries expense Accounts payable Cash $32,900 144,000 Service revenue Interest expense 64,500 5,800 4,900 Utilities expense Equipment Notes payable $124,600 2,900 14,900 24,000 27,000 In addition, the company had common stock of $100,000 at the beginning of the year and issued an additional $11,000 during the year. The company also had retained earnings of $24,300 at the beginning of the year and paid dividends of $4,600. Required: 1. Prepare the income statement for Stone Investments. 2. Prepare the statement of stockholders' equity for Stone Investments. 3. Prepare the balance sheet for Stone Investments. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the income statement for Stone Investments. STONE INVESTMENTS Income Statement For the Year Ended December 31, 2024 Expenses: Total expenses $ 0 Problem 1-3B (Algo) Prepare financial statements (LO1-3) Stone Investments provides financial services related to Investment selections, retirement planning, and general Insurance needs. At the end of the year on December 31, 2024, the company reports the following amounts: Advertising expense Buildings Salaries expense Accounts payable Cash $32,900 144,000 Service revenue Interest expense 64,500 Utilities expense 5,800 4,900 Equipment Notes payable $124,600 2,900 14,900 24,000 27,000 In addition, the company had common stock of $100,000 at the beginning of the year and issued an additional $11,000 during the year. The company also had retained earnings of $24,300 at the beginning of the year and paid dividends of $4,600. Required: 1. Prepare the income statement for Stone Investments. 2. Prepare the statement of stockholders' equity for Stone Investments. 3. Prepare the balance sheet for Stone Investments. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the statement of stockholders' equity for Stone Investments. STONE INVESTMENTS Statement of Stockholders' Equity For the Year Ended December 31, 2024 Beginning balance Common Stock Retained Earnings Total Stockholders' Equity Ending balance $ 0 $ 0 $ 0 Problem 1-3B (Algo) Prepare financial statements (LO1-3) Stone Investments provides financial services related to Investment selections, retirement planning, and general Insurance needs. At the end of the year on December 31, 2024, the company reports the following amounts: Advertising expense Buildings Salaries expense Accounts payable $32,900 144,000 Service revenue Interest expense 64,500 5,800 4,900 Utilities expense Equipment Notes payable $124,600 2,900 14,900 24,000 27,000 Cash In addition, the company had common stock of $100,000 at the beginning of the year and Issued an additional $11,000 during the year. The company also had retained earnings of $24,300 at the beginning of the year and paid dividends of $4,600. Required: 1. Prepare the income statement for Stone Investments. 2. Prepare the statement of stockholders' equity for Stone Investments. 3. Prepare the balance sheet for Stone Investments. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the balance sheet for Stone Investments. STONE INVESTMENTS Balance Sheet December 31, 2024 Assets Liabilities 0 Total liabilities Stockholders' Equity Total stockholders' equity 0 Total assets $ 0 Total liabilities and stockholders' equity $ 0