Home Realty, Incorporated, has been operating for three years and is owned by three investors. J. Doe owns 60 percent of the total outstanding stock of 9.000 shares and is the managing executive in charge. On December 31 , the following financial items for the entire year were determined: sales revenue, $246,000; salaries and wages expense, $113,000; interest expense, $7,900; advertising expenses, $9,825; and income tax expense, $20,100. Also during the year, the company declared and paid the owners dividends amounting to $19,000. Required: Prepare the company's income statement. 1. Based on Nicole's estimates, prepare a (forecasted) income statement for Nicole's Getaway Spa for the year ended December 31. 2021. Required information CC1-1 (Algo) Financial Statements for a Business Plan [LO 1-2, LO 1-3] [The following information applies to the questions displayed below.] Nicole Mackisey is thinking of forming her own spa business, Nicole's Getaway Spa (NGS). Nicole expects that she and two family members will each contribute $10,000 to the business and receive 1,000 shares each. Nicole forecasts the following amounts for the first year of operations, ending December 31, 2021: Cash on hand and in the bank, $2.350; amounts due from customers from spa treatments, $1,800; building and equipment, $72,000; amounts owed to beauty supply outlets for spa equipment, $4,680; notes payable to a local bank for $39,070. Cash dividends of $4,000 will be paid to the stockholders during the year. Nicole also forecasts that first-year sales revenues will be $47,200; wages will be $25,000; the cost of supplies used up will be $8,000; office expenses will be $6,000; and income taxes will be $1,800. CC1-1 (Algo) Part 2 2. Prepare a (forecasted) statement of retained earnings for Nicole's Getaway Spa for the year ended December 31,2021