On December 31, 2024, Emerl Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense $ 85,000 2,000 2,900 Rent expense Salaries expense Supplies expense $ 11,600 34,000 19,500 In addition, the balance of common stock at the beginning of the year was $700,000, and the balance of retained earnings was $52,000. During the year, the company issued additional shares of common stock for $35,000 and paid dividends of $30,000. Required: 1. Prepare an income statement. 2. Prepare a statement of stockholders' equity. Complete this question by entering your answers in the tabs below. Income Statement Stmt of Stockholders Equity Prepare an Income Statement. Prepare an Income Statement. EMERL COOKING SERVICES Income Statement For the Year Ended December 31, 2024 Expenses: Total Expenses 0 EA $ 0 apter 1 Homework i 6 Statement Equity Prepare a Statement of Stockholders' Equity. EMERL COOKING SERVICES Statement of Stockholders' Equity For the Year Ended December 31, 2024 Book Print Beginning Balance erences Common Stock Saved Retained Earnings Total Stockholders' Equity Ending Balance 0 $ 0 $ < Income Statement 13