On December 31, Fighting Okra Cooking Services reports the following revenues and expenses.

In addition, the balance of common stock at the beginning of the year was $ 200,000, and the balance of retained earnings was $ 32,000. During the year, the company issued additional shares of common stock for $ 25,000 and paid dividends of $ 10,000.

Required:
1. Prepare an income statement.
2. Prepare a statement of stockholders€™equity.

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$10,600 1,500 Salaries expnse 24,000 $75,000 Rent expense Service revenue Postage expense Legal fees expense 2,400 Supplies expense 14,500