The assets and liabilities of Post Elm Garden Supply, Inc., as of December 31, 2021, and revenues and expenses for the year ended on that date are as follows: (Click the icon to view the account totals.) Read the requirements. Data table - X Equipment $110,000 Land $ 27,000 Interest expense 10,200 Note payable 99,400 Interest payable 3,300 Property tax expense 7,100 Accounts payable 28,000 Rent expense 41,800 Salary expense 108,000 Accounts receivable 84,700 Building 407,000 Service revenue 456,600 Cash 47,000 Supplies 6,200 Common stock 17,200 Utilities expense 8,500 Beginning retained earnings was $364,000, and dividends declared and paid totaled $111,000 for the year. Requirements 1. Prepare the income statement of Post Elm Garden Supply, Inc., for the year ended December 31, 2021. 3. 2. Prepare the company's statement of retained earnings for the year. Prepare the company's balance sheet as of December 31, 2021. 4. Analyze Post Elm Garden Supply, Inc., by answering these questions: a. Was Post Elm profitable during 2021? By how much? b. Did retained earnings increase or decrease? By how much? c. Which is greater, total liabilities or total stockholders' equity? Who has a greater claim to Post Elm's assets: its creditors or its stockholders? Requirement 1. Prepare the income statement of Post Elm Garden Supply, Inc., for the year ended December 31, 2021. Let's begin the heading and then complete the rest of the statement. (If an input field is not used in the financial statements leave the field empty; do not select a label or enter a zero. Use parentheses or a minus sign to enter a net loss.) Revenue: Expenses: Net income (loss) Requirement 2. Prepare the company's statement of retained earnings for the year. Start with the heading and then complete the rest of the statement. (Include a subtotal after the "Add" line of the statement.) Add: Subtotal Less: