Exercise 1-10 (Algo) Link the income statement to the statement of stockholders' equity (LO1-3) On December 31, 2024, Emerl Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense $82,000 1,850 2,750 Rent expense Salaries expense Supplies expense $ 11,300 31,000 18,000 In addition, the balance of common stock at the beginning of the year was $550,000, and the balance of retained earnings was $46,000. During the year, the company issued additional shares of common stock for $32,000 and paid dividends of $24,000. Required: 1. Prepare an income statement. 2. Prepare a statement of stockholders' equity. Complete this question by entering your answers in the tabs below. Income Statement Stmt of Stockholders Equity Prepare a Statement of Stockholders' Equity. Beginning Balance Issuance of Common Stock EMERL COOKING SERVICES Statement of Stockholders' Equity For the Year Ended December 31, 2024 Common Stock Retained Earnings Total Stockholders' Equity $ 550,000 $ 46,000 $ 32,000 596,000 32,000 Statement Stockholders Equity Prepare a Statement of Stockholders' Equity. EMERL COOKING SERVICES Statement of Stockholders' Equity For the Year Ended December 31, 2024 Beginning Balance Common Stock +$ Retained Earnings Total Stockholders' Equity 550,000 $ 46,000 $ 596,000 32,000 Issuance of Common Stock Add: Net income Less: Dividends. Ending Balance < Income Statement 32,000 0 0 0 $ 582,000 $ 46,000 $ 628,000 Stmt of Stockholders Equi