These items are taken from the financial statements of Martin Corporation for 2025.

InstructionsPrepare an income statement, a retained earnings statement, and a classified balance sheet as of December 31, 2025.

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Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment $31,000 2,000 66,000 18,300 10,100 3,000 22,800 12,000 3,100 5,700 2,000 68,000 3,500 1,800 3,600 11,700 2,200 37,000 17,600