Cornerstone Exercise 3-24 (Algorithmic) Preparing an Income Statement Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 219 Debit Credit Cash Accounts Receivable $3,150 5,650 Prepaid Insurance 4,480 42,000 Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable $24,000 2,800 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 99,000 Salaries Expense Rent Expense 49,400 17,250 Check My Work 3 more Check My Work uses remaining All work saved Insurance Expense 2,200 Depreciation Expense 4,950 Income Taxes Expense 4,800 Totals $144,380 $144,380 Required: Prepare a single-step income statement for Sparrow for 2019 For grouped values (e.g. revenues or expenses), enter individual amounts as positive values. If the total for the group is subtracted or an overall negat minus sign. Sparrow Company Income Statement For the Year Ended December 31, 2019 S Expenses: Check My Work 3 more Check My Work uses remaining