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 $70,700 21,000 Cost of goods sold (food expense) 54,000 2,800 Buildings 24,000 3,200 Supplies 1,800 6,100 Salaries payable 800 In addition, the company had common stock of $24,000 at the beginning of the year and issued an additional $2,400 during the year. The company also had retained earnings of $10,600 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 income statement for Longhorn Corporation. LONGHORN CORPORATION Income Statement For the year ended Dec. 31, 2021 Expenses: Total expenses < Required 1 Required 2 >