At January 1 (beginning of its fiscal year), Freeman, Incorporated, a financial services consulting firm, reported the following account balances (in thousands, except for par and market value per share): Cash Short-term investments Accounts receivable Supplies ed Prepaid expenses Office equipment $2,240 Accounts payable 580 Unearned revenue $380 1,660 4,080 Salaries payable 1,210 320 Short-term note payable 950 5,400 1,560 Common stock ($1 par value) 67 Additional paid-in capital Retained earnings 7,393 2,520 a. Received $12,900 cash for consulting services rendered. b. Issued 44 additional shares of common stock at a market price of $137 per share. c. Purchased $980 of office equipment, paying 25 percent in cash and owing the rest on a short-term note. d. Received $1,060 from clients for consulting services to be performed in the next year. e. Bought $810 of supplies on account. f. Incurred and paid $2,310 in utilities for the current year. g. Consulted for clients in the current year for fees totaling $1,960, due from clients in the next year. h. Received $3,520 from clients paying on their accounts. i. Incurred $6,550 in salaries in the current year, paying $5,810 and owing the rest (to be paid next year). j. Purchased $1,570 in short-term investments and paid $970 for insurance coverage beginning in the next fiscal year. k. Received $27 in interest revenue earned in the current year on short-term investments. Required: Prepare an unadjusted classified income statement for the current year ended December 31. (Ignore income taxes.) Note: Enter your answers in thousands, not in dollars. FREEMAN, INCORPORATED Income Statement (unadjusted) For the Year Ended December 31 Operating revenues: Service revenue Total operating revenues Operating expenses: Office Equipment Supplies expense Utilities expense $ 12,900 12,900 980 810 2,310 > Total operating expenses 4,100 Other item: Accounts receivable Accounts payable 1,960 S 1,960 Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.