E3-16 The December 31, 2024, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Cash Debit Credit $12,000 Accounts Receivable 150,000 Prepaid Rent 6,000 Supplies 30,000 Land 265,000 Accounts Payable $ 12,000 Salaries Payable 11,000 Interest Payable 5.000 Notes Payable (due in two years) 40,000 Common Stock 300,000 Retained Earnings 60,000 Service Revenue 500,000 Salaries Expense 400,000 Rent Expense 20,000 Utilities Expense 40,000 Interest Expense Totals 5,000 $928,000 $928,000 Required: 1. Prepare an income statement for the year ended December 31, 2024. 2. Prepare a statement of stockholders' equity for the year ended December 31, 2024, assuming no common stock was issued during 2024. 3. Prepare a classified balance sheet as of December 31, 2024. CHECK FIGURES: Net Income $35,000 Total Stockholders' Equity $395,000 Total Assets $463,000