Financial Statements The adjusted balances shown below are for Fine Consulting Service as of December 31. Byran Fine made no capital contributions during the year. Cash Accounts receivable Supplies Prepaid insurance Equipment $16,200 Retained earrings $31,230 19,620 Dividends 17,400 18,360 Service fees earned 350,400 9,000 Rent expense 72,000 38,400 Salaries expense 200,400 Accumulated depreciationEquipment 6,480 Supplies expense 28,200 5,070 Insurance expense 19,500 42,000 Depreciation experne-Equipment 12,000 interest expense 4,320 3,780 Accounts payable Long-term notes payable Common stock REQUIRED Prepare an income statement and a statement of stockholders' equity for the year, and a balance sheet as of December 31. FINE CONSULTING SERVICE Income Statement For Year Ended December 31 Revenues Expenses Note: Use a negative sign with any answers that reduce the balance. FINE CONSULTING SERVICE Statement of Stockholders' Equity For Year Ended December 31 Common Stock Retained Earrings Balance, January 1 $ Net Income Total 05 0 0 = 0 05 05 0 Balance, December 31 Note: Do not use a negative sign with any answers that reduce the balance. Accounts receivable Supplies FINE CONSULTING SERVICE Balance Sheet December 31 0 Accounts payable Equipment, net = 0 = 0 0 = 0 0 = 0 Common stock 0 0 0 0 = 0 0 = 0