! Required information [The following information applies to the questions displayed below.) The December 31, Year 1, adjusted trial balance for a company is presented below. Credit Debit $ 11,400 144,000 5,400 27,000 340,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $129,000 11,400 10,400 4,400 34,000 240,000 54,000 440,000 340,000 17,000 34,000 4,400 $923, 200 $923, 200 Required: 1. Prepare an income statement for the year ended December 31, Year 1 Income Statement For the Year Ended December 31, Yaar 1 Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totale $129, UUU 11,400 10,400 4,400 34,000 240,000 54,000 440,000 340,000 17,000 34,000 4,400 $923,200 $923,200 2. Prepare a statement of stockholders' equity for the year ended December 31, Year 1, assuming no common stock was issued during Year 1. Statement of Stockholders' Equity For the Year Ended December 31, Year 1 Common Retained Stock Earnings Total Stockholders Equity Balance at January 1 Less: Dividends Balance at December 31 Totals $923, 200 $923,200 3. Prepare a classified balance sheet as of December 31, Year 1. (Amounts to be deducted should be indicated by a minus sign.) Balance Sheet December 31, Year 1 Assets Liabilities Current assets: Current liabilities: Total current assets 0 Total current liabilities 0 Total liabilities 0 Long-term assets Stockholders' Equity Total long-term assets Total assets 0 0 Total stockholders' equity 0 Total liabilities and stockholders' equity $ 0