The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Debits Credits Accounts $55,500 39,700 124,800 Cash Accounts Receivable Land 16,700 44,000 114,000 45,300 Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings $220,000 $220,000 Totals The following is a summary of the transactions for the year: 12 Provide services to customers on account, $76,400. 25 Provide services to customers for cash, $82,300. 19 Collect on accounts receivable, $47,100. 30 Issue shares of common stock in exchange for $44,000 cash 16 Purchase supplies on account, $14,900. 7 Pay on accounts pay able, $12,700 1. January 2. February 3. March 4. April 5. June 6. July 7. September 30 Pay salaries for employee work in the current year, $78,200. 8. November 9. December 22 Pay advertis ing for the current year, $23,900. 30 Pay $4,300 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $3,900 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $2,900 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $3,700. 8-a. Prepare an income statement for the year ended December 31, 2021. JACKRABBIT RENTALS Income Statement For the Year Ended December 31, 2021 Expenses: Total expenses 0 8-b. Prepare a classified balance sheet for the year ended December 31, 2021. JACKRABBIT RENTALS Balance Sheet December 31, 2021 Liabilities Assets 0 Total Current Liabilities 0 Total Current Assets 0 Total liabilities Stockholders' Equity Total Stockholder's Equity 0 0 Total Liabilities and Stockholders' Equity 0 Total Assets $