Lilac Designs provides consulting services related to home decoration. Lilac Designs provides customers with recommendations for a full range of home dcor, including window treatments, carpet and wood flooring, paint colors, furniture, and much more. Below is the year-end adjusted trial balance of Lilac Designs. LILAC DESIGNS Adjusted Trial Balance December 31, 2024 Accounts Cash Accounts Receivable Supplies Prepaid Rent Buildings Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable Debits Credits $ 4,700 3,700 1,700 5,700 107,000 20,700 2,700 3,700 1,100 Notes Payable (due in four years) 17,000 Common Stock Retained Earnings Service Revenues 47,000 14,700 115,800 Salaries Expense Rent Expense 41,700 17,700 Depreciation Expense Supplies Expense Advertising Expense Utilities Expense Interest Expense Totals 6,700 7,700 12,700 11,700 1,700 $ 222,700 $ 222,700 Required: 1. Prepare an income statement for the year ended December 31, 2024. 2. Prepare the statement of stockholders' equity, note that during the year the company issued additional common stock of $11,000. This amount is included in the amount for Common Stock in the adjusted trial balance. 3. Prepare the classified balance sheet for the year ended December 31, 2024. Complete this question by entering your answers in the tabs below. Required Required Required 1 2 3 Prepare an income statement for the year ended December 31, 2024. LILAC DESIGNS Income Statement For the Year Ended December 31, 2024 Expenses: Total Expenses