! 4 Required information [The following information applies to the questions displayed below.) The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Part 3 of 5 Accounts Credits Cash Debits $ 49,500 33,700 118,800 10 points Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals 16,100 38,000 108,000 39,900 $202,000 $202,000 eBook The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $70,400. 2. February 25 Provide services to customers for cash, $79,300. 3. March 19 Collect on accounts receivable, $46,500. 4. April 30 Issue shares of common stock in exchange for $38,000 cash. 5. June 16 Purchase supplies on account, $13,700. 6. July 7 Pay on accounts payable, $12,100. 7. September 30 Pay salaries for employee work in the current year, $72,200. 8. November 22 Pay advertising for the current year, $23,300. 9. December 30 Pay $3,700 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $3,300 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $2,300 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $3,100. 4 8-a. Prepare an income statement for the year ended December 31, 2021. rt 3 of 5 JACKRABBIT RENTALS Income Statement For the Year Ended December 31, 2021 Service Revenue $ 149,700 ts $ Expenses: Salaries Expense Advertising Expense Interest Expense Supplies Expense eBook 74,500 23,300 3,300 10,600 Total expenses Net income 111,700 38,000 $ 8-b. Prepare a classified balance sheet for the year ended December 31, 2021. JACKRABBIT RENTALS Balance Sheet December 31, 2021 Assets Liabilities Total Current Assets 0 Total Current Liabilities 0 Total liabilities 0 Stockholders' Equity 0 Total Stockholder's Equity 0 Total Liabilities and Stockholders' Equity Total Assets $ 0