The adjusted trial balance for Salem Advertising Services is presented below: (Click on the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Prepare the income statement for the year ending December 31, 2024. (Use a minus sign or parentheses to show a net loss. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Salem Advertising Services Income Statement Revenues: Service Revenue Expenses: Salaries Expense Year Ended December 31, 2024 Advertising Expense Depreciation Expense-Building Depreciation Expense-Furniture Supplies Expense Total Expenses Net Income (Loss) $ 27,000 13,000 2,800 700 8,900 $ 42,500 52,400 $ (9,900) Requirement 2. Prepare the statement of owner's equity for the year ending December 31, 2024. Assume that there were no contributions made by the owner during the year. (Use a minus sign or parentheses to show a net loss. Exclude any zero-balance events for the period from the statement of owner's equity.) Salem Advertising Services Statement of Owner's Equity Year Ended December 31, 2024 Colton, Capital, January 1, 2024 S 65,900 Net loss for the year Owner withdrawal Colton, Capital, December 31, 2024 (9,900) (16,500) 39,500