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Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $16,500 Accounts Receivable 7, 300 Supplies 3,300 Equipment 11,500 Accumulated Depreciation $ 3,600 Salaries Payable 5,600 Common Stock 21,500 Retained Earnings 7.900 Totals $38,600 $38,600 The following is a summary of the transactions for the year: 2. May 1. March 12 Provide services to customers, $53,000, of which $20,300 is on account. 2 Collect on accounts receivable, $17,300. 3. June 30 Issue shares of common stock in exchange for $5,000 cash. 4. August 1 Day Balories of $5,600 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,300. 6. October 19 Purchase equipment for $7,300 cash. 7. December 30 Pay $1,000 cash dividends to stockholders. 3-a. Prepare the income statement for the year ended December 31, 2021. 8-a. Prepare the income statement for the year ended December 31, 2021. RED STORM CLEANERS Income Statement For the Year Ended December 31, 2021 Service Revenue $ 53,000 Expenses: Salaries Expense Repairs and Maintenance Expense Depreciation Expense Supplies Expense 19,500 12,300 4,300 2,300 Total expenses 38,400 14,600 Net Income $ 8.6. Prepare the classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated b minus sign.) Assets Current Assets Cash Accounts Receivable Supplies RED STORM CLEANERS Balance Sheet December 31, 2021 Liabilities Current Liabilities: $ 45,300 Salaries Payable 10,300 Accumulated Depreciation 1.000 Stockholders' Equity 56,600 Common Stock Retained Earnings 18,800 $ 19,500 7.900 Total Current Assets Long-term assets: Equipment 26,500 21,500 Total Stockholders' Equity 75,400 Total Liabilities and Stockholders' Equity Total Assets $ 48,000 75,400 $