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: In adaition, the company had common stock of $22,000 at the beginning of the year and issued an additional $2,200 during the year. The company also had retained earnings of $9,400 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