Please do not give solution in image format thanku Complete this question by entering your answers in the tabs below.Required 1 Required 2 Required 3Prepare the income statement for Longhorn Corporation.LONGHORN CORPORATIONIncome StatementFor the year ended Dec. 31, 2021Expenses:Total expensesRequired 1Complete this question by entering your answers in the tabs below.Beginning balanceEnding balanceRequired 2 Required 3Prepare the statement of stockholders' equity for Longhorn Corporation.LONGHORN CORPORATIONStatement of Stockholders' EquityFor the year ended Dec. 31, 2021Common StockRequired 1< Required 1Total assetsRequired 2 Required 3Complete this question by entering your answers in the tabs below.Prepare the balance sheet for Longhorn Corporation.AssetsRetainedEarnings< Required 1Required 2 >TotalStockholders'EquityLONGHORN CORPORATIONBalance SheetDec. 31, 2021< Required 2Total liabilitiesRequired 3 >LiabilitiesStockholders' EquityTotal stockholders' equityTotal liabilities and stockholders' equityRequired 3 > Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, thecompany reports the following amounts:CashEquipmentAccounts payableDelivery expenseSalaries expense$1,400 Service revenue$72,70019,000 Cost of goods sold (food expense) 54,4002,400 Buildings20,0001,4007003,600 Supplies6,500 Salaries payable.In addition, the company had common stock of $20,000 at the beginning of the year and issued an additional $2,000 during the year.The company also had retained earnings of $8,500 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.

LONGHORN CORPORATIONIncome StatementFor the year ended Dec. 31, 2021Service Revenue$72,700…

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 expense Salaries expense $1,400 Service revenue $72,700 19,000 Cost of goods sold (food expense) 54,400 2,400 Buildings 20,000 3,600 Supplies 1,400 700 6,500 Salaries payable In addition, the company had common stock of $20,000 at the beginning of the year and issued an additional $2,000 during the year. The company also had retained earnings of $8,500 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.