Requirement 1. Prepare the income statement (with a proper heading) for 2021. (Enter all amounts in millions. If an inpl leave the field empty, do not select a label or enter a zero.) Nance Company Income Statement Year Ended December 31, 2021 (millions) Revenue: Expenses: Salary expense Rent expense Utilities expense 11 Dividends Total expenses Net income (loss) More Info Nance incurred, during that same year, salary expense of $25 million, rent expense of $15 million, and utilities expense of $23 million. Nance declared and paid dividends of $11 million during the year. At December 31, 2021, Nance had cash of $175 million, accounts receivable of $55 million, property and equipment of $42 million, and other long-term assets of $26 million. At December 31, 2021, the company owed accounts payable of $57 million and had a long-term note payable of $29 million. Nance began 2021 with a balance in retained earnings of $74 million. At December 31, 2021, Nance had total stockholders' equity of $212 million, which consisted of common stock and retained earnings. Nance has a year-end of December 31 Print Done