The assets and liabilities of Global Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows:

Common stock was $525,000 and retained earnings was $1,250,000 as of January 1, 20Y5. During the year, additional common stock of $50,000 was issued for cash, and dividends of $90,000 were paid.

Instructions
1. Prepare an income statement for the year ended December 31, 20Y5.
2. Prepare a statement of stockholders€™ equity for the year ended December 31, 20Y5.
3. Prepare a balance sheet as of December 31, 20Y5.
4. What items appears on both the statement of stockholders€™ equity and the balance sheet?

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Accounts payable Accounts receivable Cash Common stock Fees earned Land $ 108,000 Miscellaneous expense Rent expense Supplies Supplies expense Utilities expense Wages expense $ 19,500 56,000 6,000 12,700 34,800 415,000 200,000 575,000 940,000 1,500,000