Problem 1-4B Understand the format of financial statements and the link among them (LO1-3) Below are incomplete financial statements for Cyclone, Inc. Required: Calculate the missing amounts. CYCLONE, INC. Income Statement Year ended Dec. 31, 2021 Revenues Expenses: $ Salaries 11,000 Rent 5.000 Advertising 3.000 Net income ..... CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Total Common Retained Stockholders' Stock Earnings Equity Beginning balance $ 12,000 $ 5,000 $ 17,000 Issuances of stock Add: Net income 3,000 3,000 Less: Dividends Ending balance $ 13,000 $ 6,000 $ 19,000 Assets $ $ 2,000 Cash Supplies Land Building CYCLONE, INC. Balance Sheet Dec. 31, 2021 Liabilities 1,200 Accounts payable Stockholders' Equity 4,000 Common stock 14,000 Retained earnings Total liabilities and stockholders' equity Total assets Required: 1. Prepare the income statement for Longhorn Corporation. 2. Prepare the statement of stockholders' equity for Longhorn Corporat 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 Service revenue $ 69,700 Expenses: Cost of goods sold Salaries expense Delivery expense S 53,800 3,000 5,900 ation. Total expenses Net income 62,700 7,000 S 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 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 liablities 0 Stockholders' Equity Total stockholders' equity Totallabies and stockholders equity 3 Total assets 0 0 a $