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Thank you ahead of time!.

Cornerstone Exercise 3-24 Preparing an Income Statement Sparrow Company had the following adjusted trial balance at December 31, 2019 Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense $3,150 5,650 4,480 42,000 $24,000 2,800 4,450 3,875 8,000 2,255 10,500 99,600 49,400 17,250 2,200 4,950 5,400 144,980 Totals 144,980 Required Prepare a single-step income statement for Sparrow for 2019 For grouped values (e.g. revenues or expenses), enter individual amounts as positive values. If the total for the group is subtracted or an overall negative amount, enter using a minus sign. Sparrow Company Income Statement For the Year Ended December 31, 2019 99,600 Service revenue Expenses: 49,400 Rent expense 17,250 2.200 4,950 5,400 V Depreciation expense Income taxes expense Net income 20,400