Prepare an income statement for the year. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses e.g. (45).) SUNLAND'S ANIMATIONS Income Statement Drawings Expenses Investments M. Sunland, Capital, August 1, 2024 M. Sunland, Capital, July 31, 2024 Profit / (Loss) for the year Revenues Total Expenses Total Revenues $ $ Prepaid expenses Equipment Accumulated depreciation-equipment Accounts payable Unearned revenue M. Sunland, capital M. Sunland, drawings Service revenue Rent expense Salaries expense Supplies expense Depreciation expense 2,600 50,000 $18,750 5,200 9,300 22,600 16,000 62,200 8,800 24,400 1;900 $118,0506,250$ The adjusted trial balance for Sunland's Animations is presented below. SUNLAND'S ANIMATIONS Income Statement December 31, 2024 Month Ended December 31, 2024 Year Ended December 31, 2024 $ $ Prepaid expenses Equipment Accumulated depreciation-equipment Accounts payable Unearned revenue M. Sunland, capital M. Sunland, drawings Service revenue Rent expense Salaries expense Supplies expense Depreciation expense 2,600 50,000 $18,750 5,200 9,300 22,600 16,000 62,200 8,800 24,400 1;900 \begin{tabular}{l} 6,250 \\ $118,050$118,050 \\ \hline \end{tabular}