Boilermaker Unlimited specializes in building new homes and remodeling existing homes. Remodeling projects include adding game rooms, changing kitchen cabinets and countertops, and updating bathrooms. Below is the year-end adjusted trial balance of Boilermaker Unlimited. BOILERMAKER UNLIMITED Adjusted Trial Balance. December 31, 2021 Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Debits Credits $ 14,000 26,000 33,000 5,000 375,000 $ 120,000 29,000 Salaries Payable Utilities Payable 26,000 3,000 Notes Payable (due in 5 years) 120,000 Common Stock 100,000 Retained Earnings 47,200 Dividends 24,000 Service Revenue-new construction Service Revenue-remodeling 350,000 240,000 Salaries Expense 140,000 Supplies Expense 265,000 Depreciation Expense 30,000 Insurance Expense 23,000 Utilities Expense 40,000 Interest Expense 7,200 Service Fee Expense Totals 53,000 $1,035,200 $1,035,200 Required: 1. Prepare an income statement for the year ended December 31, 2021. 2. Prepare the statement of stockholders' equity for the year ended December 31, 2021, note that during the year the company issued additional common stock for $10,000. This amount is included in the amount for Common Stock in the adjusted trial balance. 3. Prepare the classified balance sheet for the year ended December 31, 2021. Required 1 Required 2 Required 3 Prepare an income statement for the year ended December 31, 2021. BOILERMAKER UNLIMITED Income Statement For the Year Ended December 31, 2021 Service Revenues: Service Revenue - New Construction $ 350,000 ( Service Revenue - Remodeling 240,000 Total Revenues Expenses: Salaries Expense 140,000 Supplies Expense 265,000 Depreciation Expense 30,000 Insurance Expense 23,000 Utilities Expense 40,000 Interest Expense 7,200 Service Fee Expense 53,000 Total Expenses Net Income $ 590,000 558,200 $ 31,800 Required 1 Required 2 Required 3 Prepare the statement of stockholders' equity for the year ended December 31, 2021, note that during the year the company issued additional common stock for $10,000. This amount is included in the amount for Common Stock in the adjusted trial balance. BOILERMAKER UNLIMITED Statement of Stockholders' Equity For the Year Ended December 31, 2021 Common Stock Retained Earnings Total Stockholders' Equity Balance at January 1 Issuance of Common Stock 100,000 47,200 Balance at December 31 Required 1 Required 2 Required 3 Prepare the classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) BOILERMAKER UNLIMITED Balance Sheet December 31, 2021 Assets Current Assets: Total Current Assets Long-term Assets: Total Assets Liabilities Current Liabilities: 0 Total Current Liabilities Long-term Liabilities: 0 Total Liabilities Stockholder's Equity $ 0 Total Stockholders' Equity 0 0 Total Liabilities and Stockholders' Equity $ 0 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted