Insurance Expense 2,200 Depreciation Expense 4,950 Income Taxes Expense 4,600 Totals $144,180 $144,180 Required: Prepare a single-step income statement for Sparrow for 2019. For grouped values (e.g. revenues or expenses), enter individual amounts as positive values. If the total for the group is subtracted or an overall negative amount, enter using a minus sign. Sparrow Company Income Statement For the Year Ended December 31, 2019 Service revenue Expenses: Salaries expense Rent expense Depreciation expense Insurance expense Income taxes expense Net Income Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment $24,000 Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 98,800 Service Revenue Salaries Expense 49,400 Rent Expense 17,250 Common Stock 8,000 2,255 Retained Earnings Dividends 10,500 Service Revenue 98,800 Salaries Expense 49,400 Rent Expense 17,250 2,200 Insurance Expense Depreciation Expense 4,950 Income Taxes Expense 4,600 Totals $144,180 $144,180 Required: Prepare a single-step income statement for Sparrow for 2019. For grouped values (.9. revenues or expenses), enter individual amounts as positive values. If the total for the group is subtracted or an overall negative amount, enter using a minus sign. Sparrow Company Income Statement For the Year Ended December 31, 2019 Service revenue Expenses: Salaries expense