At the beginning of 2024, Ellingham Academy reported a balance in common stock of $167,000 and a balance in retained earnings of $67,000. During the year, the company issued additional shares of stock for $57,000, earned net income of $47,000, and paid dividends of $11,700. In addition, the company reported balances for the following assets and liabilities on December 31. Cash Supplies Prepaid rent Land Required: Assets Liabilities $54,300 12,600 Accounts payable Utilities payable 32,500 285,000 Salaries payable Notes payable 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet. Complete this question by entering your answers in the tabs below. Stmt of Stockholders Balance Sheet Equity Prepare a balance sheet. Cash Supplies Land Prepaid Rent Assets ELLINGHAM ACADEMY Balance Sheet December 31, 2024 Total Assets $ 0 $15,100 5,800 5,200 32,000 Accounts payable Utilities Payable Liabilities Salaries Payable Notes Payable Total Liabilities 0 Stockholders' Equity Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity 0 At the beginning of 2024, Ellingham Academy reported a balance in common stock of $167,000 and a balance in retained earnings of $67,000. During the year, the company issued additional shares of stock for $57,000, earned net income of $47,000, and paid dividends of $11,700. In addition, the company reported balances for the following assets and liabilities on December 31. Cash Supplies Prepaid rent Land Assets Liabilities $54,300 12,600 Accounts payable Utilities payable 32,500 285,000 Salaries payable Notes payable Required: 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet. Complete this question by entering your answers in the tabs below. Stmt of Stockholders Balance Sheet Equity Prepare a statement of stockholders' equity. ELLINGHAM ACADEMY Statement of Stockholders' Equity For the Year Ended December 31, 2024 Beginning Balance Common Stock Retained Earnings Total Stockholders' Equity Ending Balance $ 0 $ 0 $ 0 $15,100 5,800 5,200 32,000