Exercise 1-10 (Algo) Link the income statement to the statement of stockholders' equity (LO1-3) On December 31, 2024, Paula Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense Income Statement In addition, the balance of common stock at the beginning of the year was $165,000, and the balance of retained earnings was $32,000. During the year, the company issued additional shares of common stock for $26,000 and paid dividends of $16,000. Required: 1. Prepare an income statement. 2. Prepare a statement of stockholders' equity. Complete this question by entering your answers in the tabs below. Stmt of Stockholders Equity Prepare an Income Statement. $ 74,000 1,400 2,400 Common Stock Dividends Expenses: PAULA COOKING SERVICES Income Statement For the Year Ended December 31, 2024 Saved Rent expense Salaries expense Supplies expense Salaries Expense Prev 1 of 1 $ 16,600 22,000 16,000 www www www Next > 9 > Help * Save & Exi Check

Exercise 1.10 (Algo) Link the income statement to the statement of stockholders' equity (LO1-3) On December 31, 2024, Pouls Cooking Services reports the following revenues and expenses. In addition, the balance of common stock at the boginning of the year was $165,000, and the balance of retained earnings was $32,000. During the year, the company issued additional shares of common stock for $26,000 and paid dividends of $16,000. Aequired: 1. Prepare an income statement. 2. Prepare a statement of stockholders' equity. Complete this question by entering your answers in the tabs below. Prepare an Inconse Stotement