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At the beginning of 2018, Artichoke Academy reported a balance in common stock of $164,000 and a balance in retained earnings of $64,000. During the

At the beginning of 2018, Artichoke Academy reported a balance in common stock of $164,000 and a balance in retained earnings of $64,000. During the year, the company issued additional shares of stock for $54,000, earned net income of $44,000, and paid dividends of $11,400. In addition, the company reported balances for the following assets and liabilities on December 31.

AssetsLiabilitiesCash$54,000Accounts payable$13,600Supplies12,300Utilities payable5,200Prepaid rent31,000Salaries payable4,900Land270,000Notes payable29,000

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