Required information Problem 3-8B Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The following information applies to the questions displayed below) The general ledger of Pipers Plumbing at January 1, 2021, Includes the following account balances: Credito Debita $ 4.300 9.300 3,300 32.000 counts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenge Common Stock Retained Earnings Total $7.200 5,200 6,200 0 21,000 9.300 54,900 $48.900 The following is a summary of the transactions for the year 1. January 24 Provide plumbing services for canh, $10,000, and on account, $63,000. 2. March 13 Collect on accounts receivable, $51,000. 3. May Inse shares of common stock in exchange for $10,000 cash 4. June 30 May salaries for the current year, 532,600. 3. September 15 Pay utilities of $6,200 from 2020 (prior year) 5. Slovember 24 Receive cash in advance from east, 59,200. 7. December 30 Day $2,600 cash dividends to stockholdere. The following information is available for the adjusting entries Depreciation for the year on the machinery is $2,200. Plumbing supplies remaining on hand at the end of the year oqual $1.000. Or the $9,200 paid in advance by customers, $6,600 of the work has been completed by the end of the year. Accrued utilities at year end amounted to $6,400 Problem 3-8B Part 8 8-a. Prepare an income statement for the year ended December 31, 2021. PIPERS PLUMBING Income Statement For the Year Ended December 31, 2021 Expenses: es Total expenses 0 8-b. Prepare a classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated to minus sign.) PIPERS PLUMBING Balance Sheet December 31, 2021 Liabilities Assets Current Liabilities: Current Assets 0 0 Total current assets Long-term Assets: Total Current Liabilities Stockholder's Equity 0 Total Stockholder's Equity Total Liabilities and Stockholders' Equity $ 0 Total Assets $