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Item 2

Time Remaining 2 hours 51 minutes 3 seconds

02:51:03

Swanson 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	$1,300	Service revenue	$62,700
Equipment	24,000	Salaries expense	52,400
Accounts payable	3,400	Buildings	30,000
Delivery expense	1,600	Supplies	2,400
Rent expense	4,500	Salaries payable	900

In addition, the company had common stock of $30,000 at the beginning of the year and issued an additional $3,000 during the year. The company also had retained earnings of $16,200 at the beginning of the year.

Required:

1. Prepare the income statement for Swanson Corporation.
2. Prepare the statement of stockholders equity for Swanson Corporation.
3. Prepare the balance sheet for Swanson Corporation.