Identify financial statement components and prepare income statement. E1-8 The following items and amounts were taken from Lonyear Inc.'s 2017 income statement and balance sheet Cash Accounts LO 3), C Retained earnings Cost of goods sold Salaries and wages 84,700 receivable 123,192 438,458 115,131 88,419 Sales revenue 584,951 6,499 49,384 Notes payable Accounts expense payable Prepaid insurance 7,818 Service revenue4,806 Inventory 64,618 Interest expense 1,882 Instructions (a) In each, case, identify on the blank line whether the item is an asset (A), liability (L), stockholders' equity (SE), revenue (R), or expense (E) item. (b) Prepare an income statement for Lonyear Inc. for the year ended December 31,2017