Island Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2024, the company reports the following amounts: Cash Equipment Accounts payable Delivery expense Rent expense $1,400 28,000 Service revenue Salaries expense 4,200 Buildings 2,400 5,300 Supplies Salaries payable $66,700 53,200 38,000 3,200 800 In addition, the company had common stock of $38,000 at the beginning of the year and issued an additional $3,800 during the year. The company also had retained earnings of $18,000 at the beginning of the year. Required: 1. Prepare the income statement for Island Corporation. 2. Prepare the statement of stockholders' equity for Island Corporation. 3. Prepare the balance sheet for Island Corporation. Expenses: ISLAND CORPORATION Income Statement For the year ended December 31, 2024 Total expenses 0 $ 0 Beginning balance ISLAND CORPORATION Statement of Stockholders' Equity For the year ended December 31, 2024 Common Stock Retained Earnings Total Stockholders' Equity Ending balance $ 0 $ 0 $ 0 Assets ISLAND CORPORATION Balance Sheet December 31, 2024 Total assets $ 0 Liabilities Total liabilities Stockholders' Equity + Total stockholders' equity Total liabilities and stockholders' equity 0 0 0