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Problem 1-3A Prepare financial statements (L01-3) Longhorn Corporation provides low cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: Equipment Accounts payable Delivery expense Salaries expense $ 1,300 Service revenue 21,500 Cost of goods sold (food expense) 2,900 Buildings 3,100 Supplies 6,000 salaries payable $70,200 53,900 25,000 1,900 906 In addition, the company had common stock of $25.000 at the beginning of the year and issued an additional $2.500 during the year. The company also had retained earnings of $11.200 at the beginning of the year. Required: 1. Prepare the income statement for Longhorn Corporation, 2. Prepare the statement of stockholders equity for Longhorn Corporation 3. Prepare the balance sheet for Longhom Corporation Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the balance sheet for Longhorn Corporation IONURNARRATION E re to search DOLL Required: 1. Prepare the income statement for Longhorn Corporation. 2. Prepare the statement of stockholders' equity for Longhorn Corporation. 3. Prepare the balance sheet for Longhorn Corporation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the income statement for Longhorn Corporation. LONGHORN CORPORATION Income Statement For the year ended Dec. 31, 2021 Service revenue Expenses Salaries expense Delivery expense Total expenses Net income 0 Required 1 Required 2 Required 3 Prepare the balance sheet for Longhorn Corporation. LONGHORN CORPORATION Balance Sheet Dec 31, 2021 Assets Liabilities Total liabilities 0 Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity 0 Total assets $ 0