Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit $3,150 Cash Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 10,500 Dividends Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax Expense 5,400 Totals 144,980 144,980 Required: Prepare a single-step income statement for Sparrow for 2019 For grouped values (e.g. revenues or expenses), enter individual amounts as positive values. If the total for the group is subtracted or an overall negative amount, enter using a min us sign Sparrow Company Income Statement For the Year Ended December 31, 2019 Service revenue 99,600 Expenses Salaries expense 49,400 Rent expense 17,250 Insurance expense 2,200 Depreciation expense 4,950 Income taxes expense 5,400 X Net income 20,400 Feedback