Learning Objective 5 P-F:1-43A Preparing financial statements Presented here are the accounts of Hometown Dcor Company for the year ended December 31, 2024. 1. Net Income $115,700 Land Notes Payable Property Tax Expense Dividends Rent Expense Salaries Expense Salaries Payable Service Revenue Office Supplies Retained Earnings, Dec. 31, 2023 $ 13,000 Common Stock 33,000 Accounts Payable 2,800 Accounts Receivable 36,000 Advertising Expense 14,000 Building 67,000 Cash 1,300 Equipment 225,000 Insurance Expense 8,000 Interest Expense 56,000 $ 28,000 14,000 800 17,000 170,400 2,800 17,000 1,700 6,800 Requirements 1. Prepare Hometown Dcor Company's income statement for the year ended December 31, 2024. 2. Prepare the statement of retained earnings for the year ended December 31, 2024. 3. Prepare the balance sheet as of December 31, 2024