The account balances of Whitaker Towing Service at June 30, 2018, follow: (Click the icon to view the account balances.) Requirements 1. Prepare the income statement for Whitaker Towing Service for the month ending June 30, 2018. 2. What does the income statement report? Requirement 1. Prepare the income statement for Whitaker Towing Service for the month ending June 30, 2018. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) i Data Table $ $ Equipment Office Supplies Notes Payable Rent Expense 22,400 Service Revenue 800 Accounts Receivable 7,000 Accounts Payable 400 Retained Earnings, June 1, 2018 1,800 Salaries Expense 5,000 Common Stock 12,500 7,000 12,000 3,900 2,000 Cash Dividends 4,000 Net Income Print Done 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 period