Preparing an Income Statement Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash Accounts Receivable Prepaid Insurance $3,150 5,650 4,480 Equipment Accumulated Depreciation, Equipment 42,000 $24,000 Accounts Payable 2,800 Salaries Payable Unearned Service Revenue Common Stock 4,450 3,875 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 100,200 Salaries Fynense 49.400 Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense Totals Required: 49,400 17,250 2,200 4,950 6,000 $145,580 $145,580 Prepare a single-step income statement for Sparrow for 2019. For grouped values (e.g. revenues or expenses), enter individual amounts as positive values. If the total for the group is subtracted or an overall negative amount, enter using minus sign. Sparrow Company Income Statement For the Year Ended December 31, 2019 Service revenue Expenses: Salaries expense 49,400 Rent expense 17,250 Depreciation expense 4,950 Insurance expense 2,200 100,200 Prepare a single-step income statement for Sparrow for 2019. For grouped values (e.g. revenues or expenses), enter individual amounts as positive values. If the overall negative amount, enter using a minus sign. Sparrow Company Income Statement For the Year Ended December 31, 2019 Service revenue 100,200 Expenses: Salaries expense 49,400 Rent expense 17,250 Depreciation expense 4,950 Insurance expense 2,200 Income taxes expense 6,000 0 X Net income 145,580 X Feedback Check My Work Prepare an income statement with proper form. Report revenues, expenses and net income