At the beginning of 2018, Artichoke Academy reported a balance in common stock of $168,000 and a balance in retained earnings of $68,000. During the year, the company issued additional shares of stock for $58,000, earned net income of $48,000, and paid dividends of $11,800. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities Cash $ 54,400 Accounts payable $ 15,600 Supplies 12,700 Utilities payable 6,000 Prepaid rent 33,000 Salaries payable 5,300 Land 290,000 Notes payable 33,000 Required: 1. Prepare a statement of stockholders equity. 2. Prepare a balance sheet.

Required: 1. Prepare a statement of stockholders' equity ARTICHOKE ACADEMY Statement of Stockholders' Equity Total Common Stock Retained 168,000 68,000 Beginning balance ssuance of common stock Add: Net income $236,000 58,000 48,000 11,800 58,000 48,000 11,800 Dividends Ending balance 226,000 2. Prepare a balance sheet. ARTICHOKE ACADEMY Balance Sheet Assets Liabilities $5,300 15,600 33,000 6,000 ash S 54,400 s payable 290,000 Accounts payable 2,700 Notes payable 33,000 Utilities payable rent Total liabilities 59,900 Stockholders' Equity etained earnings stock Total stockholders' equity S 390,100Total liabilities and stockholders' equity Total assets $ 59,900