Problem 3-5A Prepare financial statements from an adjusted trial balance when net income is positive (LO3-5) Boilermaker Unlimited specializes in building new homes and remodeling existing homes. Remodeling projects include adding game rooms, changing kitchen cabinets and countertops, and updating bathrooms. Below is the year-end adjusted trial balance of Boilermaker Unlimited. BOILERMAKER UNLIMITED Adjusted Trial Balance December 31, 2018 DebitsCredits S 15,000 24,000 31,000 Accounts Receivable Supplies Prepaid Insurance Equipment 500,000 Accounts Payable Salaries Payable Utilities Payable Notes Payable (due in 5 years) Common Stock Retained Eamings $ 160,000 30,000 27,000 4,000 100,000 150,000 79,000 25,000 400,000 250,000 Salaries Expense Supplies Expense Depreciation Expense Insurance Expense Utilities Expense Interest Expense Service Fee Expense 150,000 275,000 40,000 24,000 41,000 6,000 63,000 Totals $1,200,000 $1,200,000 Required: 1. Prepare an income statement for the year ended December 31, 2018. BOILERMAKER UNLIMITED Income Statement For the Year Ended December 31, 2018 Service revenues: Total revenues 0 Expenses: Total expenses 0 2. Prepare the statement of stockholders' equity for the year ended December 31, 2018, note that during the year the company issued additional common stock for $20,000. This amount is included in the amount for Common Stock in the adjusted trial balance. BOILERMAKER UNLIMITED Statement of Stockholders' Equity For the Year Ended December 31, 2018 Total Retained Common Stock Earnings Stockholders' Balance at January 1 Balance at December 31 3. Prepare the classified balance sheet for the year ended December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) BOILERMAKER UNLIMITED Balance Sheet December 31, 2018 Assets Liabilities Current assets: Current liabilities Total current assets 0 Total current liabilities Long-term assets Long-term liabilities Total liabilities 0 Stockholder's Equity Total stockholders' equity 0 Total Assets Total Liabilities and Stockholders' Equity S 0