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Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: Cash Equipment Accounts payable Delivery expense Salaries expense 5 1,400 Service revenue 23,580 Cost of goods sold (food expense) 3,300 Buildings 2,700 Supplies 5,600 salaries payable $68,200 53,500 29,000 2,300 700 In addition, the company had common stock of $29,000 at the beginning of the year and issued an additional $2,900 during the year. The company also had retained earnings of $13,900 at the beginning of the year. Prepare the income statement for Longhorn Corporation. LONGHORN CORPORATION Income Statement For the year ended Dec. 31, 2021 Service revenue $ 68,200 Expenses: Cost of goods sold Salaries expense Delivery expense $ 53,500 5,600 2,700 Total expenses Net income 61,800 $ 6,400