In addition, the balance of common stock at the beginning of the year was $250,000, and the balance of retained earnings was $34,000. During the year, the company issued additional shares of common stock for $26,000 and paid dividends of $12,000.

Service revenue Postage expense Legal fees expense Rent expense Salaries expense Supplies expense $ 76,000 1,550 2,450 10,700 25,000 15,000 Required 1. Prepare an income statement. FIGHTING OKRA COOKING SERVICES Income Statement Expenses Total expenses 2. Prepare a statement of stockholders' equity FIGHTING OKRA COOKING SERVICES Statement of Stockholders' Equity Common Stock Retained Earnings Total Stockholders Equity Beginning balance Ending balance