Orange Designs provides consulting services related to home decoration. Orange 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 Orange Designs. ORANGE DESIGNS Adjusted Trial Balance December 31, 2021 Accounts Cash Accounts Receivable Supplies Prepaid Rent Buildings Accumulated Depreciation. Accounts Payable Salaries Payable Utilities Payable Notes Payable (due in four years) Common Stock Retained Earnings Service Revenues Salaries Expense Rent Expense Depreciation Expense Supplies Expense Advertising Expense Utilities Expense Interest Expense Totals Required: Debits $ 5,500 Credits 4,500 2,500 6,500 115,000 $ 21,500 3,500 4,500 1,200 25,000 55,000 15,500 113,300 42,500 18,500 7,500 8,500 13,500 12,500 2,500 $239,500 $239,500 1. Prepare an income statement for the year ended December 31, 2021. 2. Prepare the statement of stockholders' equity, note that during the year the company issued additional common stock of $12,000. 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, 2021.