Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) [The following information applies to the questions displayed below) The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit 5 Debit 12,000 150,000 6,000 30,000 400,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated. Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $ 135,000 12,000 11,000 5,000 40,000 300,000 60,000 500,000 400,000 20,000 48,000 5,00 $1,063,880 $1,063,000 Exercise 3-16A Part 2 2. Prepare a statement of stockholders' equity for the year ended December 31, 2021, assuming no common stock was issued during 2021 Answer is complete but not entirely correct. FIGHTIN" BLUE HENS CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2021 Total Common Retained Stock Earnings Stockholders Equity Balance at January 1 180.000 S 48,000 $ 228.000 Add Nut Income 54.2003 54,200 Less Dividends 0 0 0 Balance at December 31 $ 100 000 $ 102.2005 282 200 Exercise 3-16A Part 1 Required: 1. Prepare an income statement for the year ended December 31, 2021. FIGHTIN' BLUE HENS CORPORATION Income Statement For the Year Ended December 31, 2021 Expenses 7 Total expenses 0