At the beginning of 2018, Artichoke Academy reported a balance in common stock of $158,000 and a balance in retained earnings of $58,000. During the year, the company issued additional shares of stock for $48,000, earned net income of $38,000, and paid dividends of $10,800. In addition, the company reported balances for the following assets and liabilities on December 31.

Assets Cash Supplies Prepaid rent Land Liabilities $ 53,400 Accounts payable 11,700 Utilities payable 28,000 Salaries payable $ 10,600 4,000 4,300 23,000 240,000 Notes payable Required: 1. Prepare a statement of stockholders' equity ARTICHOKE ACADEMY Statement of Stockholders' Equity Total Common Stock Retained EarningsStockholders Equ 158,000 S 58,000 Beginning balance ssuance of common stock Add: Net income Add: Dividends Ending balance 48,000 38,000 10,800 206,000 96,000 S 10,800 2. Prepare a balance sheet. ARTICHOKE ACADEMY Balance Sheet Assets Liabilities $ 53,400 Accounts payable ash upplies repaid rent and S 10,600 4,000 4,000 23,000 11,700 Utilities payable 28,000 Salaries payable 240,000 Notes payable Total liabilities 41,600 Stockholders' Equity Common stock 158,000 Total stockholders' equity 158,000 S 199,600 Total assets S 333,100 Total liabilities and stockholders' equity