Problem 1-5B Prepare financial statements (LO1-3) Tar Heel Corporation provides the following information at the end of 2021. Salaries payable to workers at the end of the year Advertising expense for the year Building that has been purchased Supplies at the end of the year Retained earnings Utility expense for the year Note payable to the bank Service revenue recognized during the year Salary expense for the year Accounts payable to suppliers Dividends paid to shareholders during the year Common stock that has been issued, including $6,000 that was issued this year Cash remaining Interest expense for the year Accounts receivable from customers Retained earnings at the beginning of the year Required: 1. Prepare the income statement for the year ended December 31, 2021. $ 3,300 $ 10,400 $ 80,000 $ $ 4,600 40,000 $ 6,000 $ 25,000 $ 69,400 $ 26,700 $ 7,700 (?) $ 27,000 $ 5,200 $ 2,100 $ 13,200 $ 26,800 2. Prepare the statement of stockholders' equity for the year ended December 31, 2021. 3. Prepare the balance sheet for the year ended December 31, 2021. Service Revenue Expenses: TAR HEEL CORPORATION INCOME STATEMENT Year ended December 31, 2021 Total Expenses Net Income 5000 TAR HEEL CORPORATION Statement of Stockholders' Equity Year ended Dec. 31, 2021 Retained Earnings Common Stock Beginning Balance Ending Balance Total Stockholders' Equity