Problem 1-3A Prepare financial statements (LO1-3) Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,200 Service revenue $72,200 19,500 Cost of goods sold (food expense) 54,300 2,500 Buildings 21,000 3,500 Supplies 1,500 6,400 Salaries payable 800 In addition, the company had common stock of $21,000 at the beginning of the year and issued an additional $2,100 during the year. The company also had retained earnings of $8,800 at the beginning of the year. Required: 1. Prepare the income statement for Longhorn Corporation. 2. Prepare the statement of stockholders' equity for Longhorn Corporation. 3. Prepare the balance sheet for Longhorn Corporation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3: Prepare the statement of stockholders' equity for Longhorn Corporation. LONGHORN CORPORATION Statement of Stockholders' Equity Prev 1 of 3 Next > Pre-Exam Quiz 1 1 8 points M Question 1-Pre-Exam Quiz 1 M Saved 2. Prepare the statement of stockholders' equity for Longhorn Corporation. 3. Prepare the balance sheet for Longhorn Corporation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 eBook Print References Prepare the statement of stockholders' equity for Longhorn Corporation. LONGHORN CORPORATION Statement of Stockholders' Equity For the year ended Dec. 31, 2021 Beginning balance Common Stock Retained Earnings Total Stockholders' Equity Ending balance: O Help Save & Exit S 2. Prepare the statement of stockholders' equity for Longhorn Corporation. 3. Prepare the balance sheet for Longhorn Corporation. Complete this question by entering your answers In the tabs below. Required 1 Required 2 Required 3 Prepare the balance sheet for Longhorn Corporation. LONGHORN CORPORATION Balance Sheet Dec. 31, 2021 Assets Liabilities 0 Total assets Total liabilities 0 Stockholders' Equity Total stockholders' equity 0 Total liabilities and stockholders' equity 0