Exercise 3-16 (Algo) Prepare financial statements from an adjusted trial balance (LO3-5) The December 31, 2024, adjusted trial balance for Ostrich 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 Debit $25,000 Credit 220,000 7,000 44,000 335,000 $26,000 25,000 4,000 54,000 370,000 88,000 570,000 414,000 34,000 54,000 4,000 $1,137,000 $1,137,000 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. 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. OSTRICH CORPORATION Income Statement For the Year Ended December 31, 2024 Expenses: Total expenses Income Statament 0 Stmt of Stockholders Equity