On December 31, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense Rent expense Salaries expense Supplies expense $ 86,000 2,050 2,950 11,700 35,000 20,000 In addition, the balance of common stock at the beginning of the year was $750,000, and the balance of retained earnings was $54,000. During the year, the company issued additional shares of common stock for $36,000 and paid dividends of $32,000 Required: 1. Prepare an income statement. FIGHTING OKRA COOKING SERVICES Income Statement Expenses Total expenses O 2. Prepare a statement of stockholders' equity. FIGHTING OKRA COOKING SERVICES Statement of Stockholders' Equity Common Stock Retained Earnings Total Stockholders Equity Beginning balance Ending balance