Exercise $1-10($Algo$)$ Link the income statement to the statement of stockholders' equity $($LO$1-3)$

On December $31,2024,$ Rachel Cooking Services reports the following revenues and expenses.

In addition, the balance of common stock at the beginning of the year was $$160,000,$ and the balance of retained earnings was

$$30,000.$ During the year, the company issued additional shares of common stock for $$24,000$ and paid dividends of $$14,000.$

Required:

Prepare an income statement.

Prepare a statement of stockholders' equity.

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