Exercise 3-16 (Algo) Prepare financial statements from an adjusted trial balance (LO3-5) The December 31, 2024, adjusted trial balance for Badger Corporation is presented below. Accounts Cash Accounts Receivable. Prepaid Rent Supplies Land Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Utilities Expense Interest Expense Totals Required: Debit $21,000 Credit 200,000 7,000 40,000 315,000 $22,000 21,000 5,000 50,000 350,000 80,000 550,000 410,000 30,000 50,000 5,000 $1,078,000 $1,078,000 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. Complete this question by entering your answers in the tabs below. Income Statement Stmt of Stockholders Balance Sheet Equity Prepare an income statement for the year ended December 31, 2024. BADGER CORPORATION Income Statement For the Year Ended December 31, 2024 Expenses: Total expenses Income Statement Stmt of Stockholders Equity > Exercise 3-16 (Algo) Prepare financial statements from an adjusted trial balance (LO3-5) The December 31, 2024, adjusted trial balance for Badger Corporation is presented below. Accounts Cash Accounts Receivable Prepaid Rent Supplies Land Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Utilities Expense Interest Expense Totals Required: Debit $21,000 Credit 200,000 7,000 40,000 315,000 $22,000 21,000 410,000 30,000 50,000 5,000 50,000 350,000 80,000 550,000 5,000 $1,078,000 $1,078,000 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. Complete this question by entering your answers in the tabs below. Stmt of Income Statement Stockholders Balance Sheet Equity Prepare a statement of stockholders' equity for the year ended December 31, 2024, assuming no common stock was issued during 2024. Balance at January 1 BADGER CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2024 Common Stock Retained Earnings Total Stockholders' Equity Balance at December 31 Income Statement Balance Sheet > Exercise 3-16 (Algo) Prepare financial statements from an adjusted trial balance (LO3-5) The December 31, 2024, adjusted trial balance for Badger Corporation is presented below. Accounts Cash Accounts Receivable. Prepaid Rent Supplies Land Accounts Payable Salaries Payable. Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Utilities Expense Interest Expense Totals Required: Debit $21,000 Credit 200,000 7,000 40,000 315,000 $22,000 21,000 410,000 30,000 50,000 5,000 50,000 350,000 80,000 550,000 5,000 $1,078,000 $1,078,000 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. Complete this question by entering your answers in the tabs below. Stmt of Income Statement Stockholders Balance Sheet Equity Prepare a classified balance sheet as of December 31, 2024. BADGER CORPORATION Balance Sheet December 31, 2024 Assets Current assets: Liabilities Current liabilities: Total current assets Total current liabilities Long-term liabilities: Long-term assets: Total long-term assets Total assets Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity < Stmt of Stockholders Equity Balance Sheet >