Accessibility tab summary: Account balances for a company are provided in cells A$4$ to F$13.$ A statement of requirement $1$ is provided in rows $15$ to $19.$ Income statement for student presentation is presented in cells A$21$ to C$33.$ A statement of requirement $2$ is provided in rows $35$ to $38.$ Balance Sheet for student presentation is presented in cells A$40$ to D$49.$ A statement of requirement $3$ is provided in rows $51$ to $54.$ A statement for student presentation is presented in row $56.$

A company provides the following account balances at year end $($except for Retained Earnings, which is the beginning balance$).$ The CFO has asked you to use this information to prepare an income statement and balance sheet.

Expenses: Advertising expense $$15,000$ Assets: Cash $$32,000$

$$ Insurance expense $24,000$ Accounts receivable $29,000$

$$ Salaries expense $68,000$ Supplies $16,000$

$$ Rent expense $8,000$ Land $75,000$

$$

Liabilities: Salaries payable $12,000$ Revenues: Service revenue $134,000$

$$ Notes payable $30,000$ Interest revenue $9,000$

$$

Dividends: Dividends $7,000$ Equity: Common stock $62,000$

$$ Retained earnings $27,000$

Required:

$1.$ Use the information provided to complete the income statement.

$($Use cell references from the given information above to complete this question. All answers should be input and displayed as positive values.$)$

Income Statement

For the Year Ended December $31,20$XX

Revenues: $$

Service revenue $$134,000$

Interest revenue $9,000$

Total revenue $$ $$143,000$

Expenses: $$

Salaries expense $68,000$

Rent expense $8,000$

Insurance expense $24,000$

Advertising expense $15,000$

Total expenses $115,000$

Net income $$ $$28,000$

$2.$ Use the information provided to complete the balance sheet.

$($Use cell references from the given information above to complete this question. Hint: Ending Retained Earnings $=$ Beginning Retained Earnings $+$ Net Income $$ Dividends.$)$

Balance Sheet

December $31,20$XX

Assets: $$ Liabilities: $$

Cash $$32,000$ Salaries payable $$12,000$

Accounts receivable $29,000$ Notes payable $30,000$

Supplies $16,000$

Land $75,000$ Stockholders' Equity: $$

Common stock $62,000$

Retained earnings $48,000$

Total assets $$77,000$ Total liabilities and stockholders' equity $$152,000$

$3.$ Use a conditional statement to evaluate whether the accounting equation balances.

$($Construct a conditional IF statement to return the word "equal" if the balance sheet is in balance or "not equal" if it is not. In your formula, use cell B$49$ for total assets and D$49$ for total liabilities and stockholders' equity.$)$

Total Assets $$194,000$ Total Liabilities $+$ Total Stockholders' Equity