Problem 1-3A (Algo) Prepare financial statements (LO1-3) Island Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2024, the company reports the following amounts: Cash Equipment Accounts payable Delivery expense Rent expense $1,400 26,500 Service revenue Salaries expense 3,900 Buildings 2,100 5,000 Supplies Salaries payable $65,200 52,900 35,000 2,900 800 In addition, the company had common stock of $35,000 at the beginning of the year and issued an additional $3,500 during the year. The company also had retained earnings of $17,400 at the beginning of the year. Required: 1. Prepare the income statement for Island Corporation. 2. Prepare the statement of stockholders' equity for Island Corporation. 3. Prepare the balance sheet for Island Corporation.