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 $ 82,000 1,850 2,750 11,300 31,000 18,000 In addition, the balance of common stock at the beginning of the year was $550,000, and the balance of retained earnings was $46,000. During the year, the company issued additional shares of common stock for $32,000 and paid dividends of $24,000. Required: 1. Prepare an income statement. FIGHTING OKRA COOKING SERVICES Income Statement Expenses: Total expenses 0 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