Exercise 1-10 The following items and amounts were taken from Lonyear Inc.'s 2022 income statement and balance sheet. Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 84,700 Accounts receivable $ 88,419 123,192 Sales revenue 584,951 438,458 Notes payable 6,499 115,131 Accounts payable 49,384 7,818 Service revenue 4,806 64,618 Interest expense 1,882 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Asset Cash Stockholders' Equity Retained earnings Expense Cost of goods sold Salaries and wages expense Expense Asset Prepaid insurance Inventory Asset Accounts receivable Asset Sales revenue Liability Notes payable Liability Accounts payable Revenue Service revenue Expense Interest expense LINK TO TEXT LINK TO VIDEO Prepare an income statement for Lonyear Inc. for the year ended December 31, 2022. LONYEAR INC. Income Statement IL Prepare an income statement for Lonyear Inc. for the year ended December 31, 2022. LONYEAR INC. Income Statement