At the beginning of 2024, Ellingham 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. Assets Cash Supplies Prepaid rent Land $ 54,600 12,900 34,000 300,000 Liabilities Accounts payable Utilities payable Salaries payable Notes payable Required: 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet. $ 16,600 6,400 5,500 35,000

At the beginning of 2024, Ellingham 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. Required: 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet