Problem $1-5$A $($Algo$)$ Prepare financial statements $($LO$1-3)$

Blue Lagoon Company provides the following information at the end of $2024.$

Cash remaining $$3,700$

Rent expense for the year $5,900$

Land that has been purchased $19,000$

Retained earnings $11,300$

Utility expense for the year $3,800$

Accounts receivable from customers $6,100$

Service revenue recognized during the year $31,500$

Salary expense for the year $12,200$

Accounts payable to suppliers $1,650$

Dividends paid to shareholders during the year $2,100$

Common stock that has been issued prior to $202414,000$

Salaries owed at the end of the year $1,850$

Insurance expense for the year $2,400$

Retained earnings at the beginning of the year $6,200$

No common stock is issued during $2024.$

Required:

Prepare the income statement for Blue Lagoon Company on December $31,2024.$

Prepare the statement of stockholders$$ equity for Blue Lagoon Company on December $31,2024.$

Prepare the balance sheet for Blue Lagoon Company on December $31,2024.$