Cornerstone Exercise 3-24 (Algorithmic) Preparing an Income Statement Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash Accounts Receivable $3,150 5,650 Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable 4,480 42,000 $24,000 2,800 Salaries Payable 4,450 Unearned Service Revenue Common Stock 3,875 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 98,800 Salaries Expense 49,400 Rent Expense 17,250