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 $ 85,000 Rent expense $ 11,600 Postage expense 2,000 Salaries expense 34,000 Legal fees expense 2,900 Supplies expense 19,500 In addition, the balance of common stock at the beginning of the year was $700,000, and the balance of retained earnings was $52,000. During the year, the company issued additional shares of common stock for $35,000 and paid dividends of $30,000. Required: Prepare an income statement. Prepare a statement of stockholders equity