Driftwood Investments provides financial services related to investment selections, retirement planning, and general insurance needs. At the end of the year on December 31, 2024, the company reports the following amounts: Advertising expense Buildings Salaries expense Accounts payable Cash $32,000 135,000 Service revenue Interest expense 63,600 4,900 Utilities expense Equipment 4,000 Notes payable $120,100 2,000 14,000 19,500 22,500 In addition, the company had common stock of $100,000 at the beginning of the year and issued an additional $11,000 during the year. The company also had retained earnings of $15,300 at the beginning of the year and paid dividends of $3,700. Required: 1. Prepare the income statement for Driftwood Investments. 2. Prepare the statement of stockholders' equity for Driftwood Investments. 3. Prepare the balance sheet for Driftwood Investments. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the income statement for Driftwood Investments. DRIFTWOOD INVESTMENTS Income Statement For the Year Ended December 31, 2024 Service revenue Expenses: Advertising expense $ 32,000 Salaries expense 63,600 Interest expense 2,000 Utilities expense 14,000 Total expenses Net income $ 120,100 111,600 $ 8,500