LO 5 Part 5 of 8 20 points Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable - Prepaid Insurance Land Accounts Payable Debits $26,100 Credits 16,900 15,000 163,000 $8,200 7,300 Deferred Revenue Common Stock Retained Earnings Totala $221,000 158,000 47,500 $221,000 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 7. October 31 Provide storage services for cash, $149,100, and on account, $59,700. Collect on accounts receivable, $53,000. Receive cash in advance from customers, $14,400. Purchase supplies on account, $12,200. Pay property taxes, $10,000. 6. September 10 Pay on accounts payable, $12,900. 8. November 20 9. December 30 Pay salaries, $138,600. Issue shares of common stock in exchange for $42,000 cash. Pay $4,300 cash dividends to stockholders. 8-a. Prepare the income statement for the year ended December 31, 2024. Answer is complete and correct.