At the beginning of 2018, Artichoke Academy reported a balance in common stock of $170,000 and a balance in retained earnings of $70,000. During the year, the company issued additional shares of stock for $60,000, earned net income of $50,000, and paid dividends of $12,000. In addition, the company reported balances for the following assets and liabilities on December 31.

At the beginning of 2018, Artichoke Academy reported a balance in common stock of $170,000 and a balance in retained earnings of $70,000. During the year, the company issued additional shares of stock for $60,000, earned net income of $50,000, and paid dividends of $12,000. In addition, the company reported balances for the following assets and liabilities on December 31. porn stock of farme re il come one to cete, and patnings e Assets Cash Supplies Prepaid rent Land Liabilities $ 54,600 Accounts payable 12,900 Utilities payable 34,000 Salaries payable 300,000 Notes payable $ 16,600 6,400 5,500 35,000 Required: 1. Prepare a statement of stockholders' equity. ARTICHOKE ACADEMY Statement of Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Beginning balance Ending balance 2. Prepare a balance sheet. ARTICHOKE ACADEMY Balance Sheet Assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Total assets