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 o company reports the following amounts: Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,300 Service revenue 24,000 Cost of goods sold (food expense) 3,400 Buildings 1,600 Supplies 4,500 Salaries payable $62,700 52,400 30,000 2,400 900 In addition, the company had common stock of $30,000 at the beginning of the year and issued an additio The company also had retained earnings of $16,200 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 0 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 For the year ended Dec. 31, 2021 Common Stock Retained Earnings Total Stockholders' Equity Beginning balance Ending balance 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 Total liabilities 0 Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 0 Total assets $ 0 $ 0 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 $ 1,300 Service revenue 24,000 Cost of goods sold (food expense) 3,400 Buildings 1,600 Supplies 4,500 salaries payable $62,700 52,400 30,000 2,400 900 In addition, the company had common stock of $30,000 at the beginning of the year and issued an additional $3,000 during the year. The company also had retained earnings of $16,200 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