Prepare an income statement for the year ending December $31,2025.$

View Policies Show Attempt History Current Attempt in Progress Pina Colada Corp.'s balance sheet at December 31, 2024, is presented as follow. PINA COLADACORP. Balance Sheet December 31, 2024 Cash Accounts receivable Allowance for doubtful accounts Supplies Land Buildings Accumulated depreciationbuildings $41,820 77,350 (2,550) 7,480 68.000 241.400 (37,400) $39&100 Accounts payable Common stock ($ 10 par) Retained earnings $43,520 136,000 216,580 $396,100 During 2025, the following transactions occurred. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. On January 1, Pina issued 2,040 shares of $40 par, 7% preferred stock for $83,640. On January 1, Pina also issued 1,530 shares of the $10 par value common stock for $35,700. Pina performed services for $544,000 on account. On April 1, 2025, Pina collected fees of $61,200 in advance for services to be performed from April 1, 2025, to March 31, 2026. Pina collected $469,200 from customers on account. Pina bought $59,670 of supplies on account. Pina paid $54,740 on accounts payable. Pina reacquired 680 shares of its common stock on June 1 for $28 per share. Paid other operating expenses of $319,940. On December 31, 2025, Pina declared the annual cash dividend on preferred stock and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2026. An account receivable of $2,890 which originated in 2024 is written off as uncollectible. Adjustment data: 1. 2. 3. 4. 5. A count of supplies indicates that $10,030 of supplies remain unused at year-end. Recorded revenue from item 4 above. The allowance for doubtful accounts should have a balance of $5,950 at year end. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $17,000. The income tax rate is 30%. (Hint Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) Your answer is correct. Prepare journal entries for the transactions listed above and adjusting entries. (Credit titles are automatically irnted When arnount is entered. Do indent rnanua//y. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Debit 2. 3. 4. 5. 6. 7. 9. 10. 11. Account Titles and Explanation Accounts Receivable Accounts Payable Other Operating Expenses Cash Dividends Allowance for Doubtful Accounts Adjusting entries 2. 3. 4. 5. Supplies Expense Unearned Service Revenue Bad Debt Expense Depreciation Expense Income Tax Expense eTextbook and Media List of Accounts (b) Your answer is correct. prepare an adjusted trial balance at December 31, 2025. PINA COLADA CORE Adjusted Trial Balance December a l. 2025 Other Operating Expenses Total eTextbook and Media Ch.ll Homework Question 2 of 5 Debit 319940 1259173 credit Assistance Used Assistance Used Attempts: 2 of 5 used Credit 1259173 20 / 50 Prepare an income statement for the year ending December 31, 2025. PINA COLADA CORP. Income Statement Cor the Year Ending December 31.2025 eTextbook and Media List Of Accounts Save for Later sup PORT Attempts: O of 5 used Submit Answer The parts of this question must be completed in order. This part will be available when you complete the part above. The parts Of this question must be completed in order. This part will be available when you complete the part above.