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 $ 10,700 137,000 4,700 23,500 270,000 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 $ 122,000 10,700 9,700 3,700 27,000 170,000 47,000 370,000 270,000 13,500 27,000 3,700 $760,100 $760,100 Required: 1. Prepare an income statement for the year ended December 31, Year 1. Income Statement For the Year Ended December 31, Year 1 Expenses: Total expenses 0 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 Stock Retained Earnings Total Stockholders Equity Balance at January 1 Less: Dividends Balance at December 31 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 Total current liabilities Total liabilities Long-term assets: Stockholders' Equity Total long-term assets Total assets Total stockholders' equity Total liabilities and stockholders' equity