Service Revenue $ 15,000 Expenses: Rent Expense 900 Salaries Expense 2.400 Total Expenses 3,300 Net Income $ 11,700 Requirement 2. What does the income statement report? The income statement reports on an entity's assets, liabilities, and stockholders' equity as of a specific date. on an entity's assets, liabilities, and stockholders' equity for a period of time. revenues and expenses as of a specific date. revenues and expenses for a period of time. the changes in retained earnings for a company as of a specific date the changes in retained earnings for a company entity during a time nerind