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 $ 1,400 Service revenue 28,000 Cost of goods sold (food expense) 4,200 Buildings 2,400 Supplies 5,300 Salaries payable $66, 700 53,200 38,000 3,200 800 In addition, the company had common stock of $38,000 at the beginning of the year and issued an additional $3,800 during the year. The company also had retained earnings of $18,000 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 Required 1 Required 2 Required 3 Prepare the income statement for Longhorn Corporation. LONGHORN CORPORATION Income Statement For the year ended Dec. 31, 2021 Accounts payable Buildings Cash Cost of goods sold Delivery expense Total expenses 0 Required 1 Required 2 > Required 1 Required 2 Required 3 Prepare the statement of stockholders' equity for Longhorn Corporation. LONGHORN CORPORATION Statement of Stockholders' Equity For the year ended Dec. 31, 2021 Retained Common Stock Earnings Total Stockholders' Equity Beginning balance Ending balance Required 1 Required 2 Required 3 Prepare the balance sheet for Longhorn Corporation. LONGHORN CORPORATION Balance Sheet Dec. 31, 2021 Assets Liabilities Total liabilities Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity Total assets $ 0 $ 0 Required 2 Required 3