Use the following information to answer questions 1-5. You do not need to prepare financial statements to prove your answers. Park Company reported the following amounts for the year ended Dec. 31, 2021: Utilities Expense Building Salaries Expense Accounts Payable Cash Accounts Receivable $ 9,000 Service Revenue $158,000 185,000 Interest Expense 2,500 22,000 Advertising Expense 10,000 3,700 Equipment 25,000 10,000 Notes Payable 12,000 2,000 Park Company had common stock of $10,000 at the beginning of the year and issued an additional $5,000 of common stock during the year. The company had retained earnings of $81,800 at the beginning of the year and paid dividends of $5,000. 1. What amount of net income should Park Company report in its income statement for the year ended December 31, 2021? Show your calculations. 2. What amount of total assets should Park Company report in its December 31, 2021 balance sheet? Show your calculations. 3. What amount of total liabilities should Park Company report in its December 31, 2021 balance sheet? Show your calculations. 4. What amount of ending Retained Earnings should Park Company report in its December 31, 2021 balance sheet (and in its December 31 statement of stockholders' equity)? Show your calculations. 5. What amount of total stockholders' equity should Park Company report in its December 31, 2021 balance sheet? Show your calculations. 6. Which of the following accounts has a normal debit balance and would appear in the balance sheet? (There is only 1 correct answer.) Notes Payable, Cash, Service Revenue, Salaries Expense, Dividends 7. Which of the following accounts has a normal credit balance and would appear in the income statement? (There is only 1 correct answer.) Utilities Expense, Accounts Payable, Cash, Service Revenue, Deferred Revenue 8. West Seattle Catering has the following transactions during the month of October: Issued common stock in exchange for $5,000 cash. Purchase $650 supplies on account. October 1 October 8 October 10 Paid $4,000 in advance for a 2-year insurance policy October 18 Provide services of $3,000 to customers and receive cash. October 19 October 20 Pay employee salaries for the current month of $900. Provide services of $600 to customers on account. October 31 Pay rent for the current month of $2,000. October 31 Pay for the supplies purchased on October 8. In the space below, record the journal entry the company would make for each transaction