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1-Ex 1-10 1 hits On December 31, 2024, Rachel Cooking Services reports the following revenues and expenses Service revenue $ 8,00 Rent expense $ 11,100 Postage expense 1,750 Salaries expense 29.cee Legal fees expense 2,650 Supplies expense 17,eee In addition, the balance of common stock at the beginning of the year was $450,000, and the balance of retained earnings was $42,000. During the year, the company issued additional shares of common stock for $30,000 and paid dividends of $20.000, Required: eBook 1. Prepare an income statement 2. Prepare a statement of stockholders' equity ACH Pit Complete this question by entering your answers in the tabs below. terec Stort of Income Statement Stocicholders Equity Prepare an Income Statement. RACHEL COOKING SERVICES Income Statement For the Year Ended December 31.2024 Service Revenge $ 80,000 80,000 S Expenses Postago Expense Legal Fees Exponse Rent Expenso Salaries Expense Supplies Expense 1,750 2650 11.100 29,000 17.000 Total Expenses et Income 81,500 $81500) Stomt of Stockholders Equity > 1 On December 31, 2024. Rachel Cooking Services reports the following revenues and expenses 9 Service revenue Postage expense Legal fees expense $ 80,000 Rent expense 1,750 Salaries expense 2,650 Supplies expense 5 11,100 29,000 17.000 In addition, the balance of common stock at the beginning of the year was $450,000, and the balance of retained earnings was $42.000. During the year, the company issued additional shares of common stock for $30,000 and paid dividends of $20,000. Required: 1. Prepare an income statement 2. Prepare a statement of stockholders' equity Complete this question by entering your answers in the tabs below. Income Stmt of Statement Stockholders Equity Prepare a statement of Stockholders' Equity RACHEL COOKING SERVICES Statement of Stockholders' Equity For the Year Ended December 31, 2024 Total Common Retained Stock Earnings Stockholders Equity Beginning Ban $ 450,000 $ 42.00075 492.000 cance of Common Stock 30.000 30.000 Podcom 10.500 18500 Los Dividends 120.000 (20.000) Ending Balance $ 480.000 $ 40.500 5 520.500