Picture Perfect Photography works weddings and prom-type parties. The balance of retained earnings was $16,000 at December 31, 2023. At December 31, 2024, the business's accounting records show these balances: (Click the icon to view the accounts.) Read the requirement. a. Prepare Picture Perfect Photography's income statement for the year ended December 31, 2024. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Picture Perfect Photography Income Statement Year Ended December 31, 2024 Revenues: Service Revenue Expenses: Insurance Expense Advertising Expense Salaries Expense Total Expenses Net Income Data table Insurance Expense $ 6,000 Accounts Receivable $ 13,000 Cash 42,000 Notes Payable 14,000 Accounts Payable 11,000 Retained Earnings, Dec. 31, 2024 ? Advertising Expense 4,000 Salaries Expense 25,000 Service Revenue 75,000 Equipment 46,000 Dividends 8,000 Common Stock 28,000