PLEASE COMPLETE ALL 3 SECTIONS. THEY HAVE BEEN MARKED AS INCOMPLETE.

Problem 1-3A Prepare financial statements (L01-3) Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: Cash Equipment Accounts payable Delivery expensie Salaries expense $ 1,400 Service revenue 23,500 cost of goods sold (food expense) 3,300 Buildings 2,700 Supplies 5,600 salaries payable $68,200 53,500 29,000 2,300 700 In addition, the company had common stock of $29,000 at the beginning of the year and issued an additional $2,900 during the year. The company also had retained earnings of $13,900 at the beginning of the year. Required: 1. Prepare the income statement for Longhorn Corporation 2. Prepare the statement of stockholders' equity for Longhorn Corporation 3. Prepare the balance sheet for Longhorn Corporation Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the income statement for Longhorn Corporation. Required 1 Required 2 Required 3 Prepare the income statement for Longhorn Corporation. LONGHORN CORPORATION Income Statement For the year ended Dec. 31, 2021 Service revenue $ 68,200 Expenses: Cost of goods sold Salaries expense Delivery expense $ 53,500 5,600 2,700 Total expenses Net income 61,800 6,400 $ Required 1 Required 2 Required 3 Prepare the statement of stockholders' equity for Longhorn Corporation. LONGHORN CORPORATION Statement of Stockholders' Equity For the year ended Dec. 31, 2021 Total Retained Common Stock Earnings Stockholders Equity $ 29,000 $ 13,900 $ 42,900 2,900 2,900 6,400 6,400 31,900 $ 20,300 $ 52,200 Beginning balance Ending balance $ Required 1 Required 2 Required 3 Prepare the balance sheet for Longhorn Corporation. LONGHORN CORPORATION Balance Sheet Dec. 31, 2021 Assets Liabilities Cash $ 3,300 700 Supplies Equipment Buildings 1,400 Accounts payable 2,300 Salaries payable 23,500 29,000 Total liabilities 4,000 Stockholders' Equity Common stock Retained earnings 31,900 20,300 Total stockholders' equity Total liabilities and stockholders' equity 52,200 56,200 Total assets $ 56,200 $