38 Chapter 1 Accounting in Action Prepare income statement and owner's equity statement. (SO 8) E1-12 The following information relates to Linda Stanley Co. for the year 2010. Linda Stanley, Capital, January 1, 2010 $ 48,000 Advertising expense $ 1,800 Linda Stanley, Drawing during 2010 6,000 Rent expense 10,400 Service revenue 62.500 Utilities expense 3,100 Salaries expense 30,000 Instructions After analyzing the data, prepare an income statement and an owner's equity statement for the year ending December 31, 2010